Think you'll find that there is more to it than that Chicken!
1. Yes, options were approved by shareholders. But breakdown the shareholder votes and see who voted for them...IMO I bet you will find that it was the people that got the options as they have s/holder control. So therefore not a true representation, especially in light of point 2.
2. Options were approved to go to sophisticated investors, not to the MD of the JV company, the MD of the company that is there largest shareholder, and someone who has a mangement contract with the company.
3. Disclosure. No disclosure was made by these individual as there involvement in receiving the majority of the options (majority being 99%) while having a) materials interests and b) no arms length in the transaction.
4. Lets not forget just steal and r@pe from a company at the expense of all the shareholders.
So the options being issued I dont think is the main problem...its what has gone on after the approval that stinks!! And I know that the regulatory authorities dont look at this kind of behaviour in a good light.....think it is far more serious then anyone cares to know!!
PDY Price at posting:
1.7¢ Sentiment: None Disclosure: Held
