Have a look at the wording:
"the Albion Board retains the right to place any Shortfall to any person at their absolute discretion within 3 months after the closing date of the Entitlement Offer, at the same issue price of $0.001 (0.1 cents) per option."
Now do you understand a different purpose of this options issue - not to reward 3 months worth of loyalty - but to create an opportunity to issue millions of "Shortfall" options to insiders at a minuscule 0.1cents (compared to fair value of maybe 5-7 cents). There is no need at all to have this ability to issue "Shortfall" options - just issuing the loyalty ones is enough to reward 3 months loyalty.
I had been considering investing in this company, but this action leads me to question whether the Board and management would be always acting in the interests of all shareholders (always a key criterion for me in a new investment).
All IMO, and happy to hear views on this.
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- Ann: Loyalty Options Prospectus
Ann: Loyalty Options Prospectus, page-8
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1 | 400000 | 0.041 |
1 | 83361 | 0.036 |
1 | 200000 | 0.035 |
1 | 38499 | 0.026 |
Price($) | Vol. | No. |
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0.060 | 70000 | 1 |
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