re: Ann: Notice of Extraordinary General Meet...What is this 'rational explanation' for getting the 10mil?
I fear you have misunderstood me. The "explanation" offered by the company mainly addressed the strike price, not the quantity of shares. And here it is, from the announcement:
"The grant of the Director Options forms part of Mr Williams remuneration package and is designed to encourage Mr Williams to have a greater involvement in the achievement of the Company’s objectives and to provide Mr Williams with the opportunity to participate in the future growth and prosperity of the Company through share ownership. The primary purpose of the grant of the Director Options is to form part of Mr Williams’ remuneration package – it is not to raise capital.
"The Board discussed with Mr Williams (but did not finally agree) the issue of equity incentives as part of Mr Williams’ remuneration package when he agreed to join the Board in February 2014. At that time, the Company’s Shares were trading at levels below the $0.09 exercise price set for a portion of the Director Options proposed to be issued to Mr Williams."
From around the time Mr. Williams likely entered discussions regarding joining the board, the share price was bouncing around between six and eight cents a share. At that time, a 9 cent strike price would have represented a premium, not a discount to market. But, apparently discussions regarding this issue were still under way, when in early March the company got word that the FDA had granted the 510k marketing clearance for the NPT dressing and the share price quickly rose to a high of 16 cents on March 21.
I can imagine that if handdontcount is apoplectic about an unearned 1 cent discount to market, a 7 cent unearned discount would have popped an aneurism. It's no wonder negotiations apparently hit a snag. I'm sure similar considerations must have been front and center with the board as well. No one wants to be responsible for popped aneurisms.
shareholders are being played like fools.
One man's opinion, not mine.
Vote no.
Feel free to vote your shares as you wish.
If the options were going to Laurent F, who actually heads the polynovo division, no probs, but they are not.
No comment.
Did dw have any input into the share price run since he joined? Zero input to the 510k success....zero.
Irrelevant. See company explanation above.
CZD Price at posting:
10.0¢ Sentiment: Buy Disclosure: Held
