Lol no, I feel current management team got suckered into a deal with 10c options. At least Sean is on an OK base for Brisbane living. Did they not realise the current sick state of affairs that is WGL? Could have easily got options at 2c.... 25% more than current share price...
On 20 February 2017, 135,450,000 Fully Paid Ordinary Shares and 19,350,000 Class C Performance Shares released from escrow. The release from escrow for these Performance Shares does not trigger conversion into Fully Paid Ordinary Shares. The milestone to conversion remains outstanding and the Performance Shares will remain unvested. Instead, the Performance Shares will remain an unlisted class until the conversion milestone hurdle has been met. For further details on the milestone hurdles please refer to the Company’s 2015 Prospectus. An additional 38,700,000 Fully Paid Ordinary Shares were released from escrow on 27 February 2017.
IMO the product, company and technology has since changed so will be pushing for these to be removed.... we are not seeing a revolutionary product and the business has since taken a different direction.....
Plus options: from last half yearly:
Balance at beginning of the period 77,034,867 0.041 275,000,000 0.025
Granted during the period 2,000,000 0.050 15,000,000(i) 0.108
Exercised during the period (19,000,000) 0.025 (209,844,168) 0.025
Expired during the period - - (3,120,965) 0.025
Balance at end of the period 60,034,867 0.047 77,034,867 0.041
Exercisable at end of the period 60,034,867 0.047 77,034,867 0.041
So basically more cheap shares to come - IMO existing shareholders better have an average lower than 2.5c or it will be hard pressed to make $$$ on WGL
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