Hi Unicorn,
I am not advocating the ESOP scheme be set at the last option conversion price,just that it was the best put forward of a bad bunch.Actually this whole thing of directors jumping on the ESOP bandwagon should be reversed and declared illegal.It was set up for employees and directors do not qualify.It is now being absused.Directors make the decisions and should not be protected from the down side of there own decisions and if they do succeed the weight has to be picked up by the rest of us.
Like the idea of a EGM if the money grab is successful and think 20 million can easily be arranged.Several emails have said they are on holiday and can not access there proxy forms in such short notice. Unicorn you are better than i at looking up the rules,so is this very short notice for money grab legal? I am wondering as on 16th sept i was told this was all be be released in a few days but in fact took another 3 weeks.Also to get the proxy form in by yesterday at 10-30 AM when yesterday was a holiday really shortens the period to the prevoius friday.Surely these already overpaid directors can work out when long weekends occure and act accordingly.Smells a bit fishey to me. The proxy forms are also unnesserally confusing and you have to ask who is benifiting from that. Half way down the proxy form just under INSTRUCTIONS TO PROXY is a box to tick [A] if you do not wish to direct proxy how to vote. All the proxys i have clearly show how they want to vote and usually with accompaning letters but are split 50-50 on whether to tick {a} or not. Now is this a deliberate confusion to to invalidate some votes.
I can see no reason to have a negative instruction unless to cause confusion which it certainly has,and from some well educated individuals at that. So if the proxy clearly tick the solutions choices what function does that negative [A] instruction preform?
I will be voting against resolutions 5,6,7,and 8
Digger