The board were cunning enough to line up all their major shareholders first, to ensure they would all get their options, and expenditure approved, regardless. Looking at the tables, many of the against and abstained votes, would not have been able to overturn the decision in most of those cases. I'm sure a few dinners and phone calls were made prior, to try and establish who was going to vote and where.
I agree that the resolutions were extremely overly-generous. We can take into account the fact GXY was turned around from near bankruptcy and back into a profitable operation, but the fact remains that the processing plant and mine were all built on the back of previous investors/shareholder's money, many of whom are now long gone. Selling an asset to clean up the books was certainly a challenge (particularly for a certain price), but without the existing asset being there in the first place, the company would have folded, and it was a pretty obvious option, and why GXY continued to trade.
Don't hold your breath on SdV, it will get a pilot plant producing a few thousand tonnes of LCE, and then thrown on the back-burner for 4-6 years. James Bay will likely be where it happens I believe, both a mine and a processor, along with a possible NYSE listing. They would not give us a straight answer on where they would list, instead reeling off every exchange name as a possibility, but did manage to deride the ASX and shareholders that helped make the company a reality, by stating that it was a kindergarten exchange (in some ways accurate of course).
I don't think management should go unrewarded for their efforts, but it seemed extreme, without any dividend or option issue to smaller shareholders, it kind of sums up where the business community in general is at. Just look at the arrogance of Australia's banking fraternity, a virus from the top..
