I will be interested to see how shareholders vote on whether the directors should get the "loyalty" options.
I have set out below a summary of the potential cost to the directors, if, rather than being awarded free options, they decided by buy those options on market at the last traded price of 3.0 cents per option.
The standout is obviously Jim McKerlie's 3,225 options which he could have purchased on market for $96.75.
I would be pretty sure that the legal costs associated with drafting the AGM resolution (even though it was copy and change names) would have been more than that.
I'm curious on whether the total legal costs associated with working about how the directors could get their "loyalty" options and drafting resolutions etc would come close to or exceed the total cost of the directors purchasing all of their options on market.
| Name | Options | Price | Value |
|---|
| 1 | Jim McKerlie | 3,225 | 0.03 | 96.75 |
|---|
| 2 | Simon Wandke | 21,713 | 0.03 | 651.39 |
|---|
| 3 | Carmen Letton | 40,000 | 0.03 | 1,200.00 |
|---|
| 4 | Tim Dobson | 106,351 | 0.03 | 3,190.53 |
|---|
| 5 | Paul White | 246,851 | 0.03 | 7,405.53 |
|---|
| 6 | Peter Schubert | 322,580 | 0.03 | 9,677.40 |
|---|
| 7 |
|
| Total | 22,221.60 |
|---|
(20min delay)