I will be trying to ring them, but it is only 8.33AM in Perth as I write this. I'm also heading up to Melbourne for my other half RFI today, and will be out of action tomorrow morning.
Further reading of many announcements last night and this morning, shows me there are over 30M options that have been issued that have never had shareholder permission asked for, this first bit....
"The Company’s employee share option plan was approved by Shareholders at the Company's general meeting on 18 April 2016 (Initial Employee Share Option Plan) and allows for the issue of Options under the plan. The Company intends to amend the Initial Employee Share Option Plan to allow for the issue of both Options and Performance Rights (together, the Plan Awards) under the amended plan which is to be renamed the Pilbara Minerals Employee Award Plan (Employee Award Plan) and, for the purpose of Listing Rule 7.1, the Company seeks Shareholder approval of the issue of securities under the Employee Award Plan under ASX Listing Rule 7.2."
......will in effect pass those unaccounted options that have already been issued. However that is why I asked
@brisen for help on this as the usual legal gobblygook makes things deliberately too hard for us normal humans to understand, as they always are referring to something else, instead of just spelling it out.
On 18/4/16 there was approval for 38M options in the incentive plan, yet the number issued was/seems to be twice that.
By passing this resolution the rest of those options are being passed by shareholders.
I do not like how this has been done as 38M options seemed a lot at the time, but was OK'ed by people. 68-86M if mentioned at the time would have been voted against IMO. Now as part of this resolution we are being asked to OK those EXTRA options.
THEN, the second part comes in where we are being asked to exclude any FURTHER options that would be issued to management/BOD from the 15% for future issues.
I believe the motion should have a resounding NO vote!! BOD should have to include their own options inside the 15% AND ask for shareholder permission for any and ALL options/shares/rights.
We have already suffered enough dilution. The pool for remuneration to directors WAS JUST raised to $.75M, so IMO the BOD need to EARN some future incentives.
Being late on everything, with all these MOUs not being turned to BOAs is not a reason to give a carte blanche on options.
IMO I do not believe in options for any directors, I'm a bit like W Buffett in that belief. They are remunerated fairly for the size of the company, so grow the company and shareholder value to earn extra.
38M options becoming approximately 100M options on the books at strikes of 40c and 62-65c, whereas before April there were none of these.
In April approval was given for 38M, NO MORE!!!!!!!
At the AGM 18M more options were approved. That is a total of 56M options.
With the share price lingering at 51c/sh and none of the aspects, especially up front payments for lithium, when we have the best, having happened, I'm not in any mood or frame of mind to OK another PAST 44M options, nor give carte blanche for future options/shares/rights.
(20min delay)