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Late RNS - just a correction to the last one thgough - looks like they where so excited with their windfall they couldn't think straight.
Why would they care there just taking what they can out of this dead company
In my household I am the sole earner, taking a cut I'd have to make changes to how and where we live, a distraction from the day job. My regular costs per month, include kids school fees which are 6k per month, mortgage 2.7k, everything else 3k, and that's before irregular large spending on travel, vehicles, and other investments.
My point, while the CEO's may be privileged I doubt they could forfeit much income without life disruption which would impact their attention to Loop Up.
All said, at this juncture, I strongly believe fresh leadership communicating the strategy, outcomes and what's next, would renew faith for investors, partners/clients, and prospects.
Don’t have to agree, the mechanics of options and taxation are what they are.
It’s their future prosperity too - it’s their livelihood (income) as well as I think safe to assume a reasonable portion of their overall wealth. If it goes under they are jobless and their shares are worthless - pretty sure none of our incomes are reliant upon LoopUp.
As I said I’ve been a holder for a while so I’m significantly underwater but I don’t believe that anyone wants the share price to be here (except Citi who were/are shorting), directors included.
Can't agree but we best leave it there.
Just one point, your comment ""Personally I applaud anyone that is doing well for themselves"
Wow - I bloody well don't when it's been at my expencse and threatens my future prosperity.
When you get shares through an option scheme your base cost for CGT is whatever the share price is when they are exercised. Essentially they get pushed through PAYE for tax when the shares actually become yours to realise (sell).
Their exercise price is 0.5p no matter the share price, so a higher share price just means you get more value - anyone would want this.
The CGT point is valid as if you have a higher share price when the shares become yours to sell that is your base cost and so you’ll owe less CGT.
No one is crying about tax but it’s just the way option schemes typically work in the UK. You don’t usually get a choice but sell to cover.
Definitely don’t feel sorry for them, I’ve been a holder for a long time and bought back in at various times to lower my average. Never thought it would get as bad as this but it is what it is, I’ll stick around and see what happens.
Personally I applaud anyone that is doing well for themselves, plenty of ways to reclaim income tax and or offset CGT - if anyone feels they are paying too much tax - they are free to do something about it!
My overall point is that it is of absolutely no benefit to the directors to decimate the share price at any given point. You really think someone wants to own 3% of something worth £10m instead of £100m.
Chatbox - not convinced on your second point - you only pay CGT on profits. The fact they are likely to make a lot more profit than if the SP had been say £4/shares , is something I find hard to see.
A point I've made many times to people when I hear people cry about tax is that I would love to have the problem of a super high tax liability - the only way that would occur is if I had super high earing - either super rich or anyone on a good number grumbling about is absolute bullsh*t.
I bet they are really upset at getting cheap shares, the fact they have elected (they chose to) sell at a low price is entirely their own fault.
Don't feel too sorry for them mate, they had the option to pay more for shares like the rest of us did..
A higher share price also benefits them, not lower. The base cost for CGT being low (current SP) means now the shares are theirs when they eventually sell they will have a higher CGT liability.
Selling to cover the income tax liability is normal with all option schemes, usually happens automatically on the employees behalf.
Pokerchips - I agree entirely.
I noticed Victor wasn't rewarded after he and the other shareholders in Mashme where basically robbed, like the rest of us, even agreed to not sell their shares and invest all the cash they received at 25p, then the existing directors do sell, it looks like another betrayal to me.
How come? Mr Hughes sold 346,920 out of 853,451 - into a distressed market and effectively helped screw the SP, where's the loyalty in that - are they really saying they can't afford to pay tax out of huge pay packets - IMO the guy should be sacked and save any more wages or ridiculously high employment costs . Victor Sanchez has only just arrives and I know more about him than is available about Mr Hughes in his duties wrt Loopup over many years.
Selling half your shares when they are awarded is hardly a supportive action. IMO this is looking more and more like a lifestyle business for a certain 2 directors.
jointhedots
This could happen every month , in order to preserve cash ?....they last did it in late November ..their 2020 bonuses were also transferred to shares at 25p/share value
isn't Victor a PDMR as the CTO ? - he isnt listed there
...he cant be chuffed... he has 466k shares for which he exchanged his company at 37p value a share
One last point on this as well, if Loop we’re going bust in the next few months which is been talked about on here considering how far share prices has fallen how tiny the MKP is now We wouldn’t guess the news of Director shareholding today and options as it would be pointless to announce options and then go into administration in the next few months. All in all pretty good news.
They did do the last lot in November? At 25p! So There is only one more lot left?
The cheap shares are the ones under the schemes they have duped shareholders into approving - they sit on them waiting for the as stream of bad news for a moment to apply when they can elect to allot at a DISCOUNT to even the ridiculously low SP.
Follow the logic through - had the SP been higher the benefit to them would be much lower so why should they care to mange the expectations of other stakeholders (IR) when doing the opposite is massively beneficial. It is supposed to align stakeholders - it needs restructuring to not disadvantage existing shareholders - nothing is aligned.
Until they are out of the way, it's equivalent to an axe hanging over you, so though I was unhappy with the approval initially, it needed to be out of the way, however they've decided they want another 5million to be allotted at some future date.
IMO there is a case for many of the staff, but the CEO's are disgrace having delivered the disastrous performance yet are be far the biggest beneficiaries - why the hell should they profit? The truth is they have benefitted from crushing the SP and delivering bad news at inappropriate times.
JTD Are the cheap shares out the way now as you said? What do you mean by cheap shares out the way?
They have larger positions now though and only minimal sells to cover tax losses. All in all hopefully better and a position of more incentive to drive value ?
As I suspected - Directors - benefitting from the crashed SP and selling shares into the depressed SP to drive it down - explains a lot and particularly about the disrespect with which they regard shareholders.
As many know , a poor SP is often no problem or welcomed by directors
That said, more importantly, I wanted the cheap shares out of the way (and have wanted it since the vote at the last AGM.
My big concern, as I mentioned last week, was that they would have the cheek to ask for more this year.