Good Question E. Here is a link to the last Annual report. I believe they have to stump up cash upon exercise, but there are quite a few different ones and as the SP has been so low, I think the take up rate has been low.
Rob Waugh has been the only one to exercise some options at 0.045 I think and I can see this line in the P/L statement
Proceeds from exercise of options $18,000
So 400,000 at 0.045 = $18,000
The Group has an Employee Share Option Plan (“ESOP” for executives and employees of the Group. In accordance with the provisions of the ESOP, as approved by shareholders at a previous Annual General Meeting, executives and employees may be granted options at the discretion of the Directors. Each share option converts into one ordinary share of Musgrave Minerals Limited on exercise. No amounts are paid or are payable by the recipient on receipt of the option. The options carry neither rights of dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry.
for executives and employees of the Group. In accordance with the provisions of the ESOP, as approved by shareholders at a previous Annual General Meeting, executives and employees may be granted options at the discretion of the Directors. Each share option converts into one ordinary share of Musgrave Minerals Limited on exercise. No amounts are paid or are payable by the recipient on receipt of the option. The options carry neither rights of dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry.
