@writer@writer Can you elaborate on the options; I can't see any...

@writer@writer

Can you elaborate on the options; I can't see any mention of options.
The way I read this is that either the board invited an employee to acquire loan funded shares (based on the link in the filing) and/or the employee had that as part of his/her employment agreement. What seems to have occurred (irrespective of who initiated it), was that employee/s took up the offer when the price was at 10c (3.5m shares) and then 9c (11m shares).

Perhaps this employee is confident of some reversal in the share price, but what it demonstrates is a clear lack of understanding for other shareholders and more broadly anyone looking to invest because:
- they just offered 16.6m shares to sophisticated & institutional shareholders at 12c last week...so not only are these holders nursing a ~20% loss but they now find out that the board/mgmt further diluted at a lower level (as I said a week after selling them shares at 12c)
- they have an existing SPP in the works offering the like of me/you shares at 12c (note current price under 10c) and then offer their employees shares below 10c (I mean who is paying 12c for something you can get for 10c)Given the total $hit#how this has been, it was not hard to anticipate that the price would fall below the fixed 12c in the SPP which is likely to fail if investors refresh the browser on the current 3DP share price before sending in their cheques.

Look perhaps they had no choice, but surely the board/mgmt should have looked at the optics of this and discussed with the employee if they could not stop it.....I mean the company has no cash (hence the raise), but to compound their poor balance sheet issues have now put a loan on their books for AUD1.3m and issued shares against that loan.....so they are not even getting any cash. It's truly keystone cops level of behavior IMO