By way of background for the NEA newbies, Nixon was a former director of Ipernica from August 2010 to April 2011 - 8 months. The 2011 annual report indicates he was remunerated $483k in cash and super. The report also indicates Nixon was issued 39M ordinary shares and 8M Options as one of the vendors of nearmap.com which was acquired by the Group on 21 November 2008. As part of an additional incentive for Crowther to accept the position as CEO of nearmap.com Nixon agreed to transfer 5,000,000 of his 40 cent options to Crowther for nil consideration. Today they're worth $8M.
At 30-Sep-2012 Nixon was the second largest Nearmap shareholder with 11% behind Norgard with 16%. Between Jan-13 to Feb-13 Nixon started dumping his shareholding en-masse from prices ranging from 5.5cents to 9 cents /share. Around this time Norgard & Nachode were buying on market.
The tragedy really is that 5 years ago Nixon sold his 40M shares for $3M but today the same shares worth $64M. Sheet.
In a year they'll be worth $100M.
Cheers
Nach
NEA Price at posting:
$1.62 Sentiment: Buy Disclosure: Held
