Director sale of Shares, page-11

Yes, I agree in principal. But those 50 million dollars were acquired in a capital raising at a ruinously high cost in terms of expenses and fees paid, and also in terms of shareholder dilution and company credibility. To then turn around and start buying those shares back using the devalued proceeds would turn the whole exercise into a travesty.


In general I'm not a big fan of companies granting options as performance incentives. They're dilutive and create these tax-related complications. There are other ways to achieve a share-based incentive that don't create the same difficulties.