By way of background Stuart Nixon was a former executive director of Ipernica (Nearmap's previous name) from 3 August 2010 and resigned on 14 April 2011. The 2011 annual report indicates he was remunerated $483k in cash and super. The report also indicates S 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 Mr Crowther to accept the position as CEO of nearmap.com Mr Nixon agreed to transfer 5,000,000 of his 40 cent options to Mr Crowther for nil consideration. (Ouch!)
At 30-Sep-2012 S Nixon was the second largest Nearmap shareholder with 11% behind R Norgard with 16%. Between Jan-13 to Feb-13 S Nixon started dumping his shareholding en-masse from prices ranging from 5.5cents to 9 cents /share (doh!). Around this time Norgard was buying on market, presumably eyeing a bargain and supporting the share price at the time. Norgard recently sold these shares for a tidy profit. Nachode also picked up some shares around the time Norgard was buying so he's personally grateful for Nixon's hasty exit from the share register.
So, I guess the question is would a reasonable man be bitter and twisted if he sold his 40M shares for $3M only to see the same shares worth $26M 11 months later (64.5c in Nov-13)?
