Ann: Half Year Accounts , page-3

I find this company bizarre to say the least. The management have gifted themselves "performance shares" that are now converted to ordinary shares to the stunning number of 168 Million of them.

At current price this amounts to $40 millions for a company with a market capitalization of $50 million !!!

Sweet deal if you can pull it off. 80% of the company is now owned by the managers. In other words, the shareholders stump up start up investment, patiently wait through the slow and tortuous high risk phase and when it is time to see results they find 80% of the company is now owned by people they engaged to run the company. Incentives are a great idea but who would like to give away 80% of what they are supposed to own to their agent?