The status of Director's shares is a bit tricky (in terms of unpacking the announcement) but after delving into it further, I can confirm that there are zero overhang shares. As I stated in my earlier post, and I am restating categorically, the 45 million converted performance shares have been placed into voluntary escrow.
Founding Directors have 24 month escrow provisions on all of their shares and options. Non-director founders have different provisions. Regardless, all directors have voluntarily extended escrow arrangements for all their shares; ordinary shares, converted shares and performance shares not yet converted.
In total, the number of shares in escrow can be summarised as:
105 million ordinary shares (both mandatory and voluntarily)
114 million performance shares (both mandatory and voluntarily)
This next bit is crucial and underpins my personal strength of conviction in Pointerra; the performance provisions are based on achieving share price milestones of 6 and 9 cents. Here we have a management team that is highly motivated (wish all my shareholdings had similar provisions!).
Again, and it is worth repeating, the Director's voluntarily extended their escrow arrangements - they are obviously highly confident about the future of the company.
We have now moved really strongly into a sales phase, signalled by our recruitment of sales specialists, so I believe we are well on our way to great commercial success. Our technology has matured and is being incorporated into a number of platforms. Our current share price is ridiculous, we are a bargain buy.
