1. Ratify previous issues of shares 2. Issue options to Directors
The ratification relates to shares already issued and solely serves to refresh BMY's 15% capacity. Given that BMY just raised $2.6m in addition to $1.4m in the bank as at 31 March, giving around $4m in cash, there is no reason why BMY could not have done this at the AGM in November. That is, I can't see them raising more funds in the next 6 months so having a full 15% capacity available now is not necessary.
IMO, the 15% refreshment provided an excuse to hold a meeting to issue options to directors. The interesting part is the timing. IMO, the need to do this now is a sure sign that directors expect positive developments during the second half of the year, no doubt largely from iron ore exploration. Had they waited until the AGM in November, the share price could be much higher and therefore they would have had to cop a much higher exercise price on their options. Nice time to take a $0.30 exercise price and get even more set before the share price runs.
I read this a strong signal of things to come. Strong spec buy IMO. I'm on board.
MZN Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
