Awesome thinking there I hadn't read the AGM memorandum in...

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.