I just had a re-read of Mr Wards statement and IDA's response and had a scan through the various disclosures lodged on the ASX.
According to the 23 Oct 2020 Notice of AGM, IDA entered into a consultancy agreement with Delta in the week prior to this Notice, which included the issue of 3.5 million 6 cent Dec 23 options to Delta.
Mr Ward's letter states that on 24 June 2021, IDA resolved to issue Delta a further 1,500,000 unlisted options at nil consideration with a 2 year term from the date of issue. I assume this issue was disclosed to the ASX in the announcement dated 13 Aug 2021 under IDA's zero exercise price, no vesting conditions ESOP approved by shareholders in 2018, however it appears that this option issue was never ratified by shareholders.
Mr Ward's letter further notes that on or about 20 December 2021, IDA executed a consultancy / services agreement with Obsidian which according to IDA's response was nominated by Delta as the recipient of the 1,500,000 options.
This all seems very odd to me and the relationship with Delta and Obsidian requires further clarification if shareholders are expected to take IDA's recommendation for the removal of Mr Ward seriously for raising concerns about governance.
IDA Price at posting:
7.9¢ Sentiment: None Disclosure: Not Held
