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stakx

2,521 Posts.

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07/04/19

12:29

Post #: 38030824
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Originally posted by yarrum2 ↑

Snippets from yester year

Ozblue - 19/12/16 When these options were issued, the price of the stock was around the 60c mark and everyone was hi-fiveing everyone else on the $1 party etc. From memory it was raised about snouts in the trough etc, but the general feeling was for rewarding good performance, from the past up to that time.

Here we are 6 months down the track, and the SP is a fewcents below what it was then but MC higher because of dilution, especially theMIN shares.

I would expect the last thing Ken B. would want is furtherdilution as this could bring the price of the shares back further, and renderthe value of 40c options as not much.

As the notice of meeting for the 38m 40c options was on the16th of March, the SP at the time was just below the 40c level, so by votingtime, at 60c, everyone seemed quite happy on these forums.
Here is the explantion....

(b) The number of Incentive Options to be granted MessrsBiddle, Leibowitz, Adamson, Young and Brinsden (or their respective nominees,as applicable) is as follows: 10 Recipient (or nominee) Incentive Options MrBiddle 8,000,000 Mr Leibowitz 8,000,000 Mr Adamson 2,000,000 Mr Young 5,000,000Mr Brinsden 15,000,000 (c) The Company will issue the Incentive Options nolater than one month after the date of the Meeting or such longer period oftime as ASX allows.

Total of 38m 40c options, no other 40 c options listed in the3b announcements.

Then on 16th May this appears on a 3b.....
"Pilbara Minerals Limited (ASXLS)(“the Company” has today allotted 23,000,000 unlisted fully vested options todirectors or their nominees in accordance with approval granted by shareholdersat the General Meeting of the Company held on 18 April 2016. The options havean expiry date of 16 May 2018, with a strike price of $0.40 per option. Inaddition, the Company has also issued 15,000,000 unlisted and unvestedincentive options to Managing Director and CEO, Mr Ken Brinsden in accordancewith approval granted by shareholders at the General Meeting of the Companyheld on 18 April 2016. The incentive options have an expiry date of 16 May2019, with a strike price of $0.40 per option and will vest in three equaltranches upon the occurrence of the following: Tranche Milestone 1 Delivery ofa final definitive feasibility study, to a standard acceptable to the Board. 2The funding required to develop the Pilgangoora Project has been raised orprocured based on parameters acceptable to the Board of Pilbara Minerals and a'decision to mine' has been made by the Board in respect of the PilgangooraProject. 3 The Pilgangoora Project mine development and plant construction islargely complete (both for civil works and mine establishment) and the processplant having achieved a nominal 85% of its design throughput capacity duringproduction runs, at a saleable product specification. Following approval byshareholders of the terms of an Employee Share Option Plan at the GeneralMeeting held on 18 April 2016, the Board has agreed to allot unlisted optionsfor employees and consultants to the Company in recognition of theirsignificant past contributions to the Company as well as an incentive to thesuccessful development and commissioning of the Pilgangoora Lithium project.For long-standing employees and consultants, the terms of the options are thesame as those issued to the Board and CEO as approved at the General Meeting.

OK as approved at the general meeting where 38M options wereapproved, but suddenly in the number of options on 16th May announcement is thefollowing......

"1 +Class of +securities issued or to be issued UnlistedOptions 2 Number of +securities issued or to be issued (if known) or maximumnumber which may be issued 1. 37,500,000 2. 800,000 3. 7,000,000 4. 31,500,0003 Principal terms of the +securities (e.g. if options, exercise price andexpiry date; if partly paid +securities, the amount outstanding and due datesfor payment; if +convertible securities, the conversion price and dates forconversion) 1. Unlisted fully vested options with an expiry date of 16 May 2018with a strike price of $0.40. 2. Unlisted unvested options with an expiry dateof 16 May 2018 with a strike price of $0.40. 3. Unlisted fully vested optionswith an expiry date of 16 May 2018 with a strike price of $0.65 4. Unlisted unvestedoptions with an expiry date of 16 May 2019 with a strike price of $0.40.

That is a total of 84M options @brisen what's going on???

There seems to be suddenly 46M options that have appeared outof nowhere we are being asked to ratify. That is 5% of the company. Can someoneplease explain the discrepancy and who these options are going to??

I very well could be wrong, but only 38M shares were voted onin April, but 84M turned up on the books in May but were never ratified byshareholders, which we are being asked to do now.

Tryingtomakeit 19/12/16 - Who saw this sneaky resolution to try get through the previous employee share plan of millions of options for being part of the company and doing what you are employed to do in the first place.

Maybe if we had finance and mining approvals by now i mayhave been inclined to vote yes because it would of been a company milestone buta languishing SP and a bunch of promises for January doesn't cut it.

RESOLUTION 3 - RE-APPROVAL OF EMPLOYEE AWARD PLAN

Tryingtomakeit 19/12/16 - Well the previous one was "removed" from the previous meeting because of how many emails and phone call the office got being angry about it so they removed it a day before the now they have brought it back as "revised" but almost identical to the previous one. Also the exercise prices are they kidding us or what??

Also they should be for specific milestones with hard datessuch as first shipment 1st quarter 2018. Or commissioned plant December 2017not whenever ts ready give them a pat on the back.

38,300,000 Options with an expiry date of 16 May 2018 at an
exercise price of $0.40;
(ii) 31,500,000 Options with an expiry date of 16 May 2019 atan
exercise price of $0.40; and
(iii) 13,000,000 Options with an expiry date of 8 September2019 at an
exercise price of $0.626.

SOS 19/12/16 - Well the previous one was "removed" from the previous meeting because of how many emails and phone call the office got being angry about it so they removed it a day before the now they have brought it back as "revised" but almost identical to the previous one. Also the exercise prices are they kidding us or what??

Also they should be for specific milestones with hard datessuch as first shipment 1st quarter 2018. Or commissioned plant December 2017not whenever ts ready give them a pat on the back.

38,300,000 Options with an expiry date of 16 May 2018 at an
exercise price of $0.40;
(ii) 31,500,000 Options with an expiry date of 16 May 2019 atan
exercise price of $0.40; and
(iii) 13,000,000 Options with an expiry date of 8 September2019 at an
exercise price of $0.626.

Ozblue – 19/12/16 When these options were issued, the price of the stock was around the 60c mark and everyone was hi-fiveing everyone else on the $1 party etc. From memory it was raised about snouts in the trough etc, but the general feeling was for rewarding good performance, from the past up to that time.

Here we are 6 months down the track, and the SP is a fewcents below what it was then but MC higher because of dilution, especially theMIN shares.

I would expect the last thing Ken B. would want is furtherdilution as this could bring the price of the shares back further, and renderthe value of 40c options as not much.

As the notice of meeting for the 38m 40c options was on the16th of March, the SP at the time was just below the 40c level, so by votingtime, at 60c, everyone seemed quite happy on these forums.
Here is the explantion....

(b) The number of Incentive Options to be granted MessrsBiddle, Leibowitz, Adamson, Young and Brinsden (or their respective nominees,as applicable) is as follows: 10 Recipient (or nominee) Incentive Options MrBiddle 8,000,000 Mr Leibowitz 8,000,000 Mr Adamson 2,000,000 Mr Young 5,000,000Mr Brinsden 15,000,000 (c) The Company will issue the Incentive Options nolater than one month after the date of the Meeting or such longer period oftime as ASX allows.

Total of 38m 40c options, no other 40 c options listed in the3b announcements.

Expand

Ken is not short of a dollar and surprising to see him sell. Both AVZ's Klaus Eckoff and Mineral Resources CEO Chris Ellison unloaded with both share prices falling. I would think PLS will be no different.

Options available

Short term Incentives. STI

PLS Price at posting: 73.0¢ Sentiment: None Disclosure: Not Held
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