SPX 10.0% 1.1¢ spenda limited

Ann: Appendix 4E and Full Year Statutory Accounts, page-65

  1. 3,667 Posts.
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    You've obviously given the figures some careful scrutiny...

    Of that 701,664, $270k was cash remuneration and the balance was shares in lieu of salary and options that at the time of issue had a fair value of $324k which he has to pay 2.5c/share to convert. At the time those oppies were in the money, but now they're out of the money so he's got to pay income tax on $324k of 'income' that is in fact oppies that he has to shell out real cash to convert.

    So how exactly does that give rise to a call for him to be sacked or go to jail??
 
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