My only issue with Cogstate, and in the big picture it is relatively small issue, is the generosity with the options. If one were being mischievous you might wonder if the O'Connors work for Cogstate or if Cogstate works for the O'Conners. When all is said and done I do think they are deserved but I think optically it looks really bad to have the major business of the AGM essentially being the approval of options to Mr and Mrs O'Conner. I also think the strike price of $1 for Mrs O'Conners options is on the cheeky side given where the shareprice is today but I can just about live with it. As a counterpoint the board has always ensured there are real targets attached to vesting and this continues to be the case with theses proposals.
This time I think they are well deserved, but it is now time for the board to address/adapt our option strategy/policy, we are no longer a scrappy start up and we have more cash than we know what to do with.
CGS Price at posting:
$2.24 Sentiment: Buy Disclosure: Held
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