The recent article on our company by Abram Brown is rife with misrepresentations of fact, false innuendo and serious inaccuracies regarding Unilife and our CEO Alan Shortall. The article is so clearly malicious and motivated by those with negative intentions that I am sure Unilife shareholders and employees will recognize it for the scurrilous journalism it is. We informed Forbes in advance of publication of the false and inaccurate information, but they chose to recklessly go forward anyway. As one example, the article suggests that Mr. Shortall received “$18 million in cash and stock in the last three years.” This is factually wrong. In this article, Forbes has carelessly combined the cash and equity compensation reported for Mr. Shortall over two consecutive three-year packages. For the record, Mr. Shortall’s base annual salary has been $420,000 since 2004 and is at the 50th percentile among the published industry peer group. Mr. Shortall’s equity compensation is in the form of restricted stock and stock options with significant performance and market-based milestones clearly aligned to build shareholder value, which were overwhelmingly voted in favor by shareholders. The market capitalization of the Company would have to increase to $1.5 billion, five times the current value, for all restricted stock and options to vest. Should these milestones not be achieved, Mr. Shortall will forfeit his right to the related options and restricted stock. Equity grants provided to Unilife’s COO, Dr. Mojdeh, are subject to similar performance or market-based milestones. We would like all readers to know that rather than give this baseless article any credibility, we will allow our performance over the coming months to speak for itself.
J. Christopher Naftzger VP, General Counsel, Corporate Secretary & Chief Compliance Officer Unilife Corporation
Called-out comment
Reply Ricky Neal Ricky Neal 1 day ago
J. Christopher and Mr. Shortall… You guys have your work cut out for you. This might be a hit piece, but the UNIS stock price, financials and perpetual delays in signage of “deals” causes investor sentiment to erode along with your stock price. I hope, as you say, UNIS’ performance in the near term will finally lift investor sentiment, improve your financial position, and significantly increase the share price. Positive trajectory has changed -15% as I write this and only UNIS management can reverse the negative trend.
Called-out comment
Reply ac8132 1 day ago
Nothing instills shareholder confidence quite like an insider buying shares. So Mr. Naftzger, put your money where your mouth is.
Good article Abram.
UNS Price at posting:
62.0¢ Sentiment: Hold Disclosure: Held
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