No you haven't misread it. I know a lot of shareholders, but I don't know any that have voted for it. Norgard must be a "yes", but to hold an expensive EGM for the sole purpose of distributing options and approving a "free" finance scheme is a bit rich.
If I read it correctly, the strike price is actually irrelevant. If they don't have to repay the loan then they could simply use BRM funds to exercise the options at a price well below the trading price then leave the shareholders holding the bag!
For the life of me I can't think of how this will get up even with the combined holdings of the Directors. To my knowledge WR doesn't actually own a single share (only free options) so he actually can't vote :)
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