The register is having a 10% dilution. Per your analysis it is only the CEO who will be affected and he own 18Mn shares. So he will get 1.2Mn loyalty options and 600K piggy back options just like the rest of us. Only that JL will not get loyalty options on top of the unexercised options that he holds which is a much smaller number which I don’t think he will fret over too much.
What is most important to always note is whether mgmt is structuring things to reward themselves to the detriment of the common SH- in IHL’s case the answer is NO!
Mgmt integrity - Tick!
Because JL has to work to make his shares and options more valuable, Mgmt Motivation- Tick!
Mgmt intelligence and experience: Tick! (Based on the strategic actions they have taken to date)
The register is having a 10% dilution. Per your analysis it is...
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