Ann: Kogan.com - April 2024 Business Update, page-55

I agree that the option payment timing doesn’t look good and the fact that a significant amount of cash has been used to line the pockets of the directors isn’t great.

However, at least the business isn’t bleeding money from day-to-day operations. And it’s the board which had to approve the payment. Perhaps they genuinely thought the SP wouldn’t have tanked so hard on the update. If you take out the reduced cash position and reason behind that reduction, the announcement didn’t justify a sharp drop in the SP.

I believe it’s an over reaction and the SP should move up in due course. Sure management don't seem aligned to shareholders interests but business performance will speak for itself. They still hold a significant amount of equity so it is still in their interests to improve the SP.