In total there are now 36m options that have been given to...

In total there are now 36m options that have been given to management/the board.  Almost all of these have an 11c strike price.

In the 6 months to December 2017 directors and senior management of FTT have taken 1/3 of their remuneration in 11c strike options.   Rosalind Wilson (FTT CEO) has actually been paid more in options (as valued by Black-Scholes) than salary to date.

The obvious implication is that company insiders see value in FTT significantly above current prices.

With the exception of Rosalind’s options (of which just 1/3 have vested), the majority of the remaining options given to management have vested (especially those issued in 2015 and 2016) and are able to be exercised today.  This should mean that management would benefit from a share price over 11c today and in theory should be motivated to see the stock go on a run prior to the trial results being known.

What kind of payoff would Rosalind have been looking for to entice her to join Factor?  I would have thought she was probably looking for a minimum of say $1m pre-tax.  In order to achieve this payout she would need the stock price to be 16.5c.  If she wants to buy an apartment in Sydney she will need $2m pre-tax which would imply a stock price of 22c.