Shareholder vote to issue shares and options equal to 41.4million shares (15m to employees such as the CEO, 26.4m to Simon Tilley and Stan Kolenc).
These shares and options would increase the shares on issue by over 21% (currently 180m shares, 12m options). With $2m of capital contributed for the options if they are in the money.
So wanting 1/5th of the company essentially.
Disappointing zero announcements on future direction from the new board, just straight to a money grab. Hopefully they come out with something soon rather than silence.
Assume they already have DG/JP approval for this deal to ensure it gets up.
Ann: Notice of General Meeting/Proxy Form, page-2
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