" They have to reach a VWAP of 0.35 cents over a 30 day period before then or before a takeover if they are to vest to him. "
After last year's CR at 26c they doubled to 52c. Given they were at 28c right before the CR, 35c isn't much of a stretch target - especially with 3 years to get there!
Seriously, if it wasn't to reach 35c in the next three years, Metgasco has very serious problems. Really, this is a freebie bonus, rather than a reward for any special extra effort or ability in getting the price there.
That's certainly not unique to MEL, as you showed with your next point: "Again we have no problems, especially as there are/have been companies that have granted shares to directors with no targets to be reached before vesting."
Trying to justify it by saying well, somebody's doing even worse corporate practise isn't really a great justification...
I've voted No to that resolution.
MEL Price at posting:
22.0¢ Sentiment: None Disclosure: Held
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