Does this look correct: $600k worth of shares for $64k in outstanding director fees, could they just pay the cash given recent cap raise and options receipts
Director
Amount Incurred
Total
March- April 2020 VWAP
Total Shares to be issued
March 2020
April 2020
Andrew Daley
$1,902.58
$3,805.17
$5,707.75
$0.0027
2,113,981
Justin Barton
$11,415.53
$11,415.53
$22,831.06
8,455,948
Matt Longworth
$3,437.50
$6,250.00
$9,687.50
3,587,963
Jason Livingstone
$13,127.87
$13,127.87
$26,255.74
9,724,348
Total
$29,883.48
$34,598.57
$64,482.05
23,882,240
The Board has determined to apply the volume weighted average price (VWAP) of the Company’s Shares calculated over the March 2020 and April 2020 calendar months as the conversion price. The total Directors’fees and salaries proposed to be converted to Shares accrued during this period as set out in the above table. Accordingly, the Board considers the VWAP calculated over March 2020 and April 2020 is an appropriate basis to calculate the conversion price.
