if you've ever traded derivatives you never exercise them before expiry unless they are deep in the money and you exercise for a dividend. I note GC has converted his options a month prior to their June 30 expiry. Obviously he is desperate to convert to vote the 500k shares. He would have got all the upside from the 45 cent option without exercising early - now he haas capital at risk below 45 cents
Hopefully he isn't trading stocks anymore for SEQ because what he just did with the option exercise is amateurish at best. Desperate men do desperate things. At the moment he is spending $100k's of shareholder funds on multiple legal fights to defend his CEO role.
Its about time Charles Sweeney acted with integrity & realised that no CEO is worth defending above the company's reputation. But im afraid is too late for that, as SEQ has become the laughing stock of the financial services industry. The simple fact that the board continues to defend a fatally wounded CEO brings into question their credibility & independence. Can you imagine how difficult it will be for SEQ to move forward given the damage done to its reputation and leadership
new leadership is the only road forward.
SEQ Price at posting:
54.0¢ Sentiment: Hold Disclosure: Held
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