voyager oil & gas to acquire emerald oil, page-36

Matsim,

Now I am totally confused. The LTIP was not withdrawn by Management but was forced on them by shareholder's 'NO vote'
If management had any inkling that LTIP will be approved they would not have withdrawn it.

This is what is puzzling - If management had known that wells are no good then why were they willing to risk the backlash from shareholders by proposing the LTIP - apart from oneoff bonuses for management (which were based on last year bonuses and were to be awarded unconditionally) there was nothing in it for directors because there options were to be issued at 15 cents excercise price.