Totally agree.
Why has it taken so long to produce this so-called explanation to shareholders? I'd suggest that it's taken them this long to get their story straight and work with their lawyers to massage the words in order to try and discredit Cottee without defaming him.
Just take a look at all the caveats and qualifications within this "explanation":
1. "...which options MAY have been exercised IN CERTAIN CIRCUMSTANCES...."
2. "...that IN CERTAIN CIRCUMSTANCES... MAY may have created a CONTINGENT liability for the Company of up to APPROXIMATELY $99 million.."
MAY = possibly, the same as MIGHT. You could have said "WOULD have.." but chose not to. Did your lawyers advise you that it was too risky? Because it wouldn't be true?
CONTINGENT = potential, not actual. It might happen, it might not happen.
What are all these "certain circumstances" exactly?
Shareholders deserve a full and and frank explanation, not some lawyer-massaged spin-doctoring that you only produce when you're starting to panic
promises just like we've heard before!, page-2
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