new directors have diluted IDG by over 100% since coming on the board, whats there to be happy about?
07-09-2010 First dilution came via placement underwritten by the director, placement was not needed as IDG had around $12mil in the bank, placement done at .25 cents with options ex at .35 cents:
37,293,433 ordinary fully paid shares 18,646,716 options exercisable at $0.35 on or before 31 October 2014
23-10-2009 Then came the directors options:
IDG OPTIONS (i) 8,000,000 ESOP Options to Mr Pynes; (ii) 8,000,000 ESOP Options to Mr Kestell; (iii) 2,000,000 ESOP Options to Mr Hardie; and (iv) 1,500,000 ESOP Options to Mr Fitzgerald
TKA OPTIONS (i) 5,000,000 TG Options to Mr Pynes; and (ii) 5,000,000 TG Options to Mr Kestell
24-05-2010 Now come the second wave of director options:
IDG OPTIONS Peter Pynes 10,000,000 Director Options Tim Kestell 10,000,000 Director Options Paul Hardie 1,500,000 Director Options Matthew Fitzgerald 1,000,000 Director Options
So within a year of coming onto the board directors have issued the following stock & options:
IDG SHARES: 37,293,433 IDG OPTIONS: 60,646,716
Tuskar Options: 10,000,000
Make up your own mind if you think this is right.
dyor...
IDG Price at posting:
40.5¢ Sentiment: None Disclosure: Held