You'd think the management would do the decent thing and
1) delay the expiry date of the options given the shares have been suspended for most of 2009
2) alter the strike price to something a bit more reasonable like 3c or 5c given the dilution etc. Would work for them too as therefore would be another source of cash.
If someone like peterking is in contact with them, perhaps they could mention this.”
In my books Management IS doing the right thing by putting its priority in satisfying all requirements for a speedy re-listing. I am not sure on what basis or price you got your options in the first place – regardless, the priority is the value of the fully paid share IMO. Options for me have always been a bit of a mystery ‘gift’! With some you can unwrap and appreciate them – other you can simply chuck in the bin. That is ‘options’ from my perspective.
I don’t know how difficult of possible it can be to alter the ‘terms’ of options, given the shares are suspended. The options issue may well be addressed once the stock is trading once more.
By the way, who is to say the stock won’t relist in the next few weeks and actually make it across the line Dec 31st at 20c. Yes highly unlikely………………. But none the less, a remote possibility.
Binning your options might hurt, however, there is always the opportunity to back the business by buying stock and a low initial price once it re-lists……………… but I would imagine, you’d better be quick!
Hang in there!
PS – I will send John Cahill & Ian Smith a copy of your posting anyway and let you know of any response.
GBM Price at posting:
3.7¢ Sentiment: Hold Disclosure: Held
