re: staff options Analyser ....... just a couple of...

re: staff options Analyser ....... just a couple of observations. Firstly, don't take this as criticism, i value your thoughts.

In all seriousness, there are what, roughly 8M oppies being issued? How many employees will that cover? 10, 20, 30 who knows. If they were to be issued to one person, the incentive would be there to exercise as soon as the sp hit around 20c (making roughly 500K profit - allow for the varying ex prices - i haven't really done the numbers in detail). Given they are to be spread across several employees, the gains really aren't that much. What? A few grand each? Not much to urry up and exercise in the scheme of things. If they know things are going well they will hold unitl the sp doubles or triples to really get a 'bonus'. Remember it's options not shares here so they won't really get the bang for there buck until the sp is much higher. If they gave away free shares, THEN i'd be p*ssed too.

It ain't that bad if you way it all up. Don't forget these employees have been through the ringer and almost saw the co colapse in front of them. Furthermore, I am glad it's not directors getting them. Then i'd be on your side re the oink oink :)

Happy to do the numbers in more detail but hopefully this makes sense.

Also, I noticed you said you take a close look at ROA when making decisions. I reckon you may want to be a little careful there. Very rubbery and easily manipulated number mate (take it from me!!) Free CF is the key, then look at other factors such as ROA to determine how efficient they might be re-investing your money in the business, but to rely (and I am sure you don't) on ROA is dangerous. For similar reasons I avoid ROE and Div yields.