Well, I never thought I’d see the day when the ATO rescued holders from dilution and corporate greed.
It’s certainly a curious one, and I’ve never seen anything like it before. I wonder why it took until after the EGM for the “Interpretive Decision” to come to light? And I guess it’s worth asking whether MDX is compelled to disclose any alternative arrangement with Mr Ward in lieu of him “declining” 6 million options. Or will this simply become part of a “Short Term Incentive Scheme” measure, to be “considered” as part of his 6 monthly review process? I’ll wait for that one with bated breath, due 30 January 2013 by my calculations.
BTW, the 4 million options issued to Mr Ward at 10.8c must have gone down like a lead balloon with MDX’s minions, whose options won’t be in the money until 45c. Maybe MDX’s Directors wagged the “How to build team morale 101” module at the Company Director’s course.
Meanwhile MDX (aka the Mary Celeste) drifts aimlessly, aside from share placements to mates of mates. We’ve seen 23 announcements to the ASX since Mr Ward’s coronation and the only one of any substance (aside from the “Interpretive Decision” – I’m still laughing) from the perspective of ADVANCING OUR PROJECTS was farming out Meekatharra North Gold on 10 October. Even then they failed to disclose that one of the farminees was a related party: Mr Chenfei Zhuang held 1.55% of MDX as at 18 September.
Tick tock tick tock. Still waiting for demonstration of the MD’s commitment to MDX via the colour of his moolah. Nearly 4 months, plenty of blah blah blah, but no Appendix 3Y in sight. Houston, we have a problem.
MDX Price at posting:
8.9¢ Sentiment: None Disclosure: Held
