Thought I would put something a little different out there, to end the positive year with a note of confidence.
It is rare that directors will continue to buy shares in a company over an extended period of time, including a couple of the "newbies".
I have been kicking around this stock for a very long time, been ups and downs, poor management, poor management decisions, helped removed a board, seen some characters on these threads but it has never been boring
.
After completing a couple of "spreadsheets" tracking Director/s acquiring/disposing of shares, has raised my level of confidence in both these projects, it has been a long time coming, Good Luck for all in the New Year........
I have to admit - Hepburn isn't one of my favourite directors but I was somewhat surprised at his involvement in Capital Raises.
~ One of my pet dislikes is "Performance Shares", basically because the vesting conditions are usually (i) pretty easy to satisfy, (ii) and only some conditions (not all) are used for them to be eligible for vesting, the dislike of Performance Shares is for ALL directors without bias or favouritism.
These performance shares are no different, and bottom line is the recipients usually do very little to meet the conditions while they are doing their job - my opinion only.
I agree with
@ozblue there will be a tax component but I suspect it will have the 50% reduction to CGT.
Also, I am no accountant but I would assume that as (for eg: Performance Shares are issued) they have a fair monetary value and are part of taxable income (in the year they are exercised?)
Regardless what way you look at it, Hepburn does have a fair amount of skin in the Company ~ by my calculations circa $891,000.
And also, although we are not short on cash, the funds from exercised options do go into the Company's coffers.
I also see it a positive and he is showing some faith in the Company, no directors are currently holding "Options" with Hepburn, Fraser, Gordon and Anderson still holding "Performance Shares", and from my interpretation, Anderson, Fraser and Gordon's base line conditions are to be meet before any vesting hurdles, none of these will vest prior to the demerger.
Borg & Cowden: Have supported the Company relentlessly with their continued buying on market and supporting Capital Raises and Shortfall Placements. Figures speak for themselves, but sure has been a catalyst for my increased confidence.
Note 1:
Share price guesstimate:
~ based on Top 20 entry (2016) and posting on HotCopper BGS thread (March 2018) - post lithium
~ Conservatively an average price per share @$0.165- just to put a $ value
~ SP post consolidation and timed with HC posting @$0.12 - SP pre suspension (April 2017?) @$0.223
Anderson, Fraser, Gordon:
~ I like the tranche 2 - 250,000oz production per annum - these performance shares expire April 2024
click on any of the spread sheets and they will open
cheers
