Interesting. Yes the company is in a better position now than it was three years ago, the brand and marketing effort has some focus now (thanks mainly to Graziano I believe).
Despite this I still find a bit absurd that the directors believe a share price of 23c in three years is something to be rewarded at all. It is misleading to say that this outcome would result in a 24% compound growth, the share price was already 23c+ last year. The Italians options would be worthless if SP in three years is anywhere near 23c.
I am also not entirely for the paying of wages in shares particularly when the SP is so low/ below BV.
The only explanation is that Charles wants control of the company and a way to do this is getting paid in shares for anything and a very low SP is very helpful. A handful of Chinese now own the majority of the company. Is this a good thing or a bad thing? Not sure, but there is very little incentive for the management to have a high SP, it wouldn't matter much to them, not as much as increasing ownership in the whole company to effectively control it. Charles (rightfully or otherwise) seems very wary of outsiders getting their hands on the company, hence the lack of a chairman etc.
I don't believe it's in Charles interest to take the company private at all but I am of the opinion that additional capital will be raised and more shares will be outstanding by 2027. As mentioned in the latest asx announcement, fully utilising the 15% yearly capacity would raise less than $10m which wouldn't finance much at all.
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