FuntimesThe issuing of these options was put to the last AGM...

Funtimes

The issuing of these options was put to the last AGM (May 09) and approved by shareholders. The announcement on 28 May highlights the votes by proxy and there were about 30% of votes against, more than for any of the other resolutions put forward. Hopefully ME could see that not everyone was happy. I guess that this only shows the proxy votes and not the votes of those that attended the meeting???? In any case, they have already been approved. A shame we weren't at the meeting.

If you look at the announcement on 12 June 09 - Change of Director's interest notice, you will see:
- Tevlo is ME's super fund.
- The options are called "incentive options". Interesting terminology given he was in the money on the day of issue. The shares were trading at 7.9c on that day and he had the right to immediately exercise at 7c. Where is the incentive for him to perform???

As you say funtimes, these options should have had a higher exercise price so that he effectively only gets rewarded if he succeeds with his current task i.e. bringing us a JV partner.