Some context
The notice today for the issue of 5,181,818 shares, originated from an offer to directors back in 2004. The offer was updated in 2021. The shares taken by three directors were issued for cash (part of salary). The offer in 2021 intended to "issue a maximum of 4,117,647 to 4 executives as at the issue price of $0.017 as at 1 July 2021."
"An executive may elect to use up to 50% per cent of their pre-tax remuneration to purchase Latrobe Magnesium shares per year. Latrobe Magnesium will provide a non recourse loan to allow the Executive to buy the shares."
The announcement in 2021 included, "The Plan Rules permit the board to vary the rules of the Plan.
The announcement in 2021 also stated, "Latrobe Magnesium shares will normally be issued at prevailing market prices on or about the first ASX
trading day following the normal monthly payday or the date of payment of any incentive".
The .008c makes sense to me now.
The timing of the uptake is not a good look though, imo. LMG executives are in an obvious position to know how the EPA draft licence is currently progressing, as well as land sale, re- finance, etc. I will not say anything further, but...
"The shares will be subject to forfeiture if you commit fraud or gross misconduct (including insider trading) in
activities associated with Latrobe Magnesium or any of its subsidiaries."
I do note however...
"An executive will not be able to dispose of your shares until the earlier of the date on which you cease employment with the Latrobe Magnesium Group and the first day of the financial year following the period of two years from the date the shares are acquired, subject to the board’s approval."
So any concern about them selling straight away is not likely relevant.
I am pretty confident of the granting of the full EPA licence being imminent (This week or early next week. I am also confident of operations resuming in August. The rise is s.p is based upon foreknowledge within the LMG network imo.
Not really concerned, just get the show on the road!
(20min delay)