Unfortunately I think our share price is going to remain at current levels until the sophs can unload their shares. I’d guess up to $4m went to hands that are not very sticky, that’s circa 57m shares and we’re lucky if we trade 2m a day. The option is probably worth around 2 cents so they can sell down to 5c to come out square - of course they want a profit so maybe yesterday’s 5.4c is a floor.
They are however relying on shareholders approving the issue of the options at the upcoming AGM speaking of which I’d expect the notice of meeting today or tomorrow. Traditionally most resolutions are passed and there is a very small vote. Last AGM the biggest vote on any of the resolutions was 64m - thats out of the 791m SOI so less than 10%. Hong Kong Jason have over 100m shares including Long March and Hoston so they didn’t vote at the last AGM (or only voted part of their holding).
We can’t count on them voting at this upcoming AGM, who knows many of the sophs may have sold their holding before the AGM so they not be able to vote either. Management would normally be excluded from voting - that wouldn’t apply to the ex Chairman who bought $200k.
It is very important shareholders vote in this at the upcoming AGM no matter how small your holding is. If you are registered with https://www.automicgroup.com.au/you can normally vote online and elect to get correspondence electronically, otherwise they’ll send it out via snail mail.
