Hi
@CoitThanks for the posts. You are bang on except for the above.
Unfortunately, despite how many times I have stated the truth of the situation many here continue to be confused re DM’s “performance rights”.
DMs “Performance Rights”:The “performance shares” that DM received upon the listing of Buddy on ASX are not your typical performance shares. They were intentionally set with low bar (easy to achieve) milestones for vesting because they were used as a mechanism to allow DM to have continued ownership in his company.
Hiscompany, because prior to listing Buddy was DM’s (amongst others) company - DM was the main founder of Buddy (and accordingly would have held much more than his current 11% stake).
In exchange for listing on the ASX DM gave up his ownership of the company - and only retained ~15% - which was transferred to DM through performance shares.
So
@Coit in my view the performance right situation actually adds to DM’s credibility - he has never ever awarded himself free performance shares (as, as I have stated the performance shares were just a mechanism for DM to retain ownership in his company). Note, DM could have very, very easily awarded himself and other execs free performance shares like most other ASX companies - but he hasn’t - because he cares about his company and his shareholders and isn’t here for a quick buck - but to build up a long lasting major tech company that hopes to one day list on the NASDAQ.
