I sat in the AGM where Nick put on some sort of performance stating how sorry he was for long term holders, decisions that had been made under his tenure and how much suffering the company and his actions had caused suffering for holders.
We now know this to be an performance worthy of a Golden Raspberry award.
Now, for the purposes of clarity, I hold a few options, not many, not as many as some people I know.
This is an absolute slap in the face for holders who have believed in the company from the very start, a lot of whom who still hold "loyalty options" from the company way back when. Lets say somebody owns 20 mil options. They are now worth $20,00, they would have to then pay$40,000 to keep their investment alive. The company had options here, they did not need to charge this amount for holders to extend these, they could have charged a lot less, they could have simply just extended the life of this(via a vote of course), there is precedence for this.
The company has managed to dilute the living suitcase out of the register in recent times and has now been provided with more than enough funding to see them through to first revenues. The next step now involves fleecing these shareholders again to pay what I have always said are over inflated salaries, its bordering on criminal. Now I completely understand the idea that these could have been sold for profits many times over, I do believe there is a reason that some of them including myself have had the confidence that they would be in the money by exercise time.
I personally will be going to the EGM and putting hard questions to this board as I believe there are aspects to their behaviour that borders on inappropriate at the very least and if I am not satisfied by their answers, well, lets just say, I sincerely hope their insurances are up to date.
Fundamentals for me don't change, nor has the product, but this behaviour is disgraceful and I for one will be taken them to task!!
Cheers fellas!
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