This is the scenario that concerns me the most with them issuing further performance shares to themselves, a couple of different possible scenarios:
1. Things are going great, and they want to top up on free shares - who can blame them. Only dilutes things further for us but if when it comes to vote on it and the price is 18 cents I bet it gets over just like when they proposed to increase the total director fees back in 2016 when the share price was 7ish cents and by the time the vote came around it had more than doubled.
There is still vesting periods on the performance shares so it is in their interest to maintain the production and share price.
2. Commissioning is a total bust - then who cares how much paper they issue themselves with. Worth nothing same as my holding.
3. Results are underwhelming but Anglo is still interested in swooping on us and getting the other tenements. If it was around 20 cents then I could live with that, if it was 10 cents then my options with a strike price of 11 cents aren't worth much, but management still gets a $14 mil payday.
Hopefully it is scenario 1, they get stinking rich and I get a little bit rich.
OGX Price at posting:
8.7¢ Sentiment: Hold Disclosure: Held
