Awesome thinking there I hadn't read the AGM memorandum in detail as yet.
Correct me if I am wrong but it reads 8 million options granted at nil consideration to directors.
4,000,000 Dom Exec Director
2,000,000 Theo Non Exec Chair
2,000,000 Hans Non Exec Director
The justification of offering these options being; the aligning of Director and shareholder interests and that CM8 is not in a position to up directors yearly fees of $300k $120k and $66k respectively.
Issuing Options at 1.45 x prior 30 day VWAP would suggest that they would issue ASAP following approval at the AGM to benefit from a lower sp and therefore profit considerably in 2 years given they stay in director positions.
From the RI offer document. The shortfall picked up by the board out of their own pockets was
Dom $666,667
Theo $266,667
Hans $666,667
My theory is that they may have overcommitted in sub-underwriting to now have control on the sp knowing that post deal they would be selling at a profit on 0.25. It is now possible for them to maximise their 2 year profit by lowering the VWAP.
I believe they will keep the tap closed on announcements till the AGM and are happy for the sp to sit in the high 20s.
All IMO feel free to disagree.
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