The 2.5 yrs to conversion should give a time premium of 0.1c IMO. so the oppies should trade at a 0.4c discount to the heads for the next year at least. The extra leverage is great value with the current discount. I guess the market still doesn't trust management.
Once Pak's money is in the bank, this should change a little, but we still have the issue of the cheap grab for low ball performance shares by the directors to deal with.
They need to either amend this and make it more reasonable and aligned with shareholder interests, or withdraw it altogether.
My view is they should reduce the amount by 50%, SP above 10c for 20 days to vest, and escrow for 2 years after vesting.
GMC Price at posting:
2.8¢ Sentiment: Hold Disclosure: Held
