Siren, IMO it is unfair to accuse the Board/Management of not trying to further the interests of the shareholders – particularly in respect to their handling of the Options and subsequent P/P.
Firstly, the Chairman did his best to encourage the Option holders to convert …
Secondly, look at the facts, because they show the Directors put their money where their mouth is.
Column 1
Column 2
Column 3
Column 4
Column 5
1
Date
Director
Options Converted
On Market Purchase
Total $$
2
17/10/16
Maria Halasz
1,500,000
51,000
3
17/10/16
Maria Halasz
290,000
9,860
4
17/10/16
Bruce Gordon
1,000,000
34,000
5
17/10/16
Fintan Walton
250,000
8,500
6
17/10/16
Fintan Walton
250,000
8,750
7
17/10/16
David King
1,500,000
51,000
8
Total
4,250,000
540,000
163,110
As indicated, all four Directors not only converted their options, but Maria and Fintan both also purchased “on market” at 3.4c and 3.5c respectively. Keep in mind Maria has purchased “on market” previously as well. If that is not supporting the Company (us!) then what is?
I can’t speak for anyone else, but for me, I am very happy when Directors financially participate in their Company. The fact that CDY’s Directors not only converted Options but also purchased “on market” makes very satisfied.
I wonder how upset those Directors are about the participants of the P/P getting their shares slightly cheaper than the Directors did? Given the above, and that they are “insiders”, I suspect they are still very happy.
Lastly, overall, CDY got just over $4m (Oppy's & P/P) to help fund the US roll out. If all Oppy's had been converted, they would have got nearly $10m. The management is either confident that is enough cash, or that the sales will supply the extra. Either way, it appears to me they are being judicious about overall cash management. They could have asked the P/P for $9m (instead of the $3m they got)... I bet that would have got some going...
