George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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Aren't you forgetting to factor in the share price movement.Most listed companies operate in this way with options. Sooner or later the cash build will have to be realised inmv. Surely so long as we benefit in the short term now and not the long term then who cares. It's the new investors which inmv should be asking where Serica is going now inmho.
GA,
If not done so, watch the latest presentation by Mitch .... listen to what he said about that very issue.
https://www.investormeetcompany.com/investor/meeting/investor-presentation-118
aimo & dyor
Unsure atm ..... :-)
GA,
"if they’re assigning these to awards to 6 months from here they must be very confident in the price action ahead.." NO, NO ,NO .....
You need to re-read and understand the RNS ....
"The vesting criteria are based on absolute share price performance over a three-year period and specific performance targets related to carbon emissions from operations over the same period. For the awards to vest in full, a 100% increase in average share price must be maintained for at least a six-month period..."
Plus, there is no mention of starting SP from which these awards are measured against neither does it quantify the "significant decrease in carbon emissions" either ... rather open-ended.
aimo & dyor
Just to put some context into this latest LTIP that's worth £2.5m for 3 board members.... The very same people agreed on a 9p/s dividend to be proposed next month .... As I say, in context, this latest LTIP is equivalent to >10% of the TOTAL 'rewards' offered to all shareholders to divi among ourselves. This is on top of last years LTIP, which if vested at 660p would be worth £7.8m for Mitch and ACW.
Enough said !!
aimo & dyor
I agree it is a bit odd that they have not invested any of their own money. My thought is that the bkr deal was more complex and all was not revealed in how it came about.Maybe they sailed to close to the wind as directors in order to complete the deal. Hence the rewards now. I will certainly stop all my moaning if this gets to six pounds without eigg.inmho.
GA,
Think you need to see exactly what their 'rewards' are worth given accumulation of LTIP/CSOP/DSA's & Option Plans over the years .... one good deal doesn't mean you can sit back and extract as much as possible from, as Dickupham mentioned, the pockets of shareholders.... This latest LTIP for our Board is worth £2.5m alone on top of significant pay and bonus packages and what have they got to do for this ... practically nothing ... cash build alone would ensure our SP will be above 660p within 12-18 months imo. All nil-cost awards etc are, by the very nature, dilutive. Get another accretive deal away akin to BKR and LTIP's / bonus etc are justified. Sitting on bags 'n' bags of cash is NOT in the interests of shareholders or justifiable for such rewards.
aimo & dyor
Presumably the terms of these NIL-COST LTIPs is another reason for the BoD to restrain any dividend generosity to shareholders who have paid for their shares.
One for you, three for us
One for you, three for us........
.........no, let's make that one for you four for us, shall we?
The greed of SQZ's directors has become notable. How about they lose a few hundred thousand shares and options for costing shareholders a fortune via their inept hedging strategy? I ask again, why was the former CFO made a director? Where exactly was he going at 70+ after 17 years in post as a relatively capable financial controller? The term: "jobs for the boys" comes to mind.
Dividends on vested options was the final straw for me - an utter disgrace.
Maybe a few holders voting against their reappointment at the forthcoming AGM might put a shot across their bows and rein in the greed to an extent at least. Ultimately options and LTIP awards have a cost to shareholders. They might be free to the snout-owners, but they're not to us.
As a general point, I have no problem at all with rewarding directors whose efforts lead to increased shareholder value and returns. It's not that clear what's really been achieved (that's down to the directors) since the BKR deals were signed 5 years+ ago now.
imo/dyor
Been waiting for this RNS ....
On the plus-side 100% increase for period of 6 months .... same as last 2021 LTIP. So look forward to our SP hitting ~660p ... which on successful NE drill should be a formality given cash build too.
On the negative side .... don't want share buyback supporting the SP in order to attain / support these LTIP's, plus disappointed they are nil-cost ... once again, noses in trough..... £2.5m in free shares, disgraceful.
aimo & dyor