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That’s big of you AB
Quite simply outrageous.
Options are issued and dated and thereby specifically linked to reward performance over a given period. This announcement is essentially recognising that things have been and still are progressing too slowly on the commercial front so the SP is going to take longer to rise than was anticipated when the options were first awarded. Tough luck shareholders but the CEO is going to do just fine--- eventually
Moving the goalposts in this fashion is sticking two fingers up to the whole concept of rewarding performance against agreed objectives. ie Objectives met in time, budget and quality criteria.
As a long term supporter of AFC and AB, I think this is pretty shabby given the state of the SP over the last 3 year to 5 years. I am aware of the progress made, but this is basically indemnifying his position while everyone else suffers; especially as it's there own hard earned money!
Does anyone know the expiry date on the other 53% of his options?
I also wasn't aware he had amassed almost 2% of AFC. Disappointing
40p price target! The target gets reduced every time Bond opens his mouth (or should that be his wallet)
Bond is just milking this company for his own enrichment. Maybe it's finally sinking in with some of the die hard rampers. He hasn't put a penny of his own money in. Think about that! Some of us will be dead before making a profit with this suckers' share. Bond out!
Seems finally some people understand the AB gravy train , deliver nothing or low level targets and fill your pocket and the girl hired to handle the comite is just a AB 🤡
Wouldn't it have been nice to have received an RNS on positive progress with the 200kW generator but no it's about how Bond takes even more of the pie for himself. It's all quite sinister especially when you have the incessant ramper haggis trolling this board. I wonder why?
And the chickens have come home to roost. Really not sure why any of you are surprised though, a few of us con men trolls have been telling you for years
Looks like all you conmen naysayers will have to put with Bond until his share option matures in 2028.. time to put up or shut up !
Maybe it's time we tried to oust him! Anybody think that is possible?
I mean who's going to buy this s*** now when the maximum return before 2028 is looking like 40p and that's if you're lucky. I'm guessing the begging bowl will be out soon with further significant dilution looking highly likely. We've all been conned. I bet haggis will now disappear for good. Job done.
Ousting Might end up far far worse.. stick with it would be my vote.
Besides there only a few of you that don't have any patience.. or an ulterior motive.. or both !!
Https://www.lse.co.uk/rns/AFC/ceo-contract-renewal-hi27xuox0wvshvk.html
I take that back it's 1 million shares for 30 days above £1, 1 million for 30 days over £1.50 and 1 million for 30 days over £2 and the rest is to do with Kore which is now defunct and getting a big contract.
Good question red_hornet....and the answer is to be found in two places beyond today's news: p60 of the most recent Annual Report, alongside the RNS dated 2 May '24 outlining the most recent 'Grant of Share Options'.
Following today, Bond has the following:
6m share options with expiry 17.5.28;
620,970 share options with expiry 6.9.31;
Nearly 1.7m share options with expiry 11.7.32; and
Over 2.1m share options with expiry 31.5.33.
There are also 2.7m share options granted under the most recent 'PSP', payable dependent on the satisfaction of certain performance conditions based on absolute/relative Total Shareholder Return.
Whilst there are different metrics in play as to whether these vest, he holds options over a cool 13m shares on top of the 3.3m he already owns (which he did not buy out of his own pocket).
Given base salary, the continued bonuses he continues to receive and the extent of these share options, Bonds remuneration must be near the top end of AIM. Superb work on just £200k of revenue last year.
Doesn’t this just about illustrate the absolute contempt with which he views the shareholders? Can we read into this that he’s not in the slightest bit confident of hitting many / any of the KPI’S on which the vesting depends by july 2025? Oh, lets look at all of the “hey folks, we’re nearly there “balderdash that’s been spouted…and where precisely are we now? More importantly where do we now expect to be in 2025?….
Anyone with an ounce of integrity would simply let the options lapse if the target hadn’t been met, but oh, no, laughing boy thinks its ok just to string it along for another three years, and that its actually quite acceptable….well, it isn’t…
Bond the bandit, should put his hand in his pocket or let them lapse…
Why should he let them lapse? He stands to gain massively if he keeps them and can hit the strike prices and targets in those conditions. We would all be happy if he did, if anything I think it shows confidence both on his part and also from the company who have effectively given him their endorsement by allowing him to extend them. To his credit over the past few years Adam bond has really delivered some significant milestones. A tested and packaged product with a partner like Speedy hire, one of the most prominent plant hire companies in the UK, with some clear indications of demand from some major players.
A partnership revealing a serious cracker planner could send this in to orbit and I hope we all get rich.
Just a shame there was a lot of bull in the earlier years from Bond. Still, I suppose that's also his job to keep investors onboard.
I think it's bl00dly brilliant!
I couldn't care less if Adam Bond received a billion shares if the share price hit £1 or £1.50.
He only gets these shares IF the share price reaches amazing heights - so he is (yes, very well) incentivised to make us all money. Perfect :)
Shareprice not doing much today as both ITM and CWR head higher. Maybe the market doesn't like Bond's options deal. Now if he bought some shares at market value, that would impress. Snag is, pigs can't fly.
Hi Goatlegs,
Following on from KelhamKing's break down of AB's 13m options, can you confirm what the share price needs to be for each tranche to vest?
I know you said 'reaches amazing heights' but what about the actual number. If he doesn't get them until £1.50, then not so bad, but I don't think that is the target set.
Would be interested to know.
Cheers
You may also want to see p68 of the FY22 Annual Report, which gives the exercise price of the majority of these options - this was curiously omitted in the FY23 report.....
https://www.afcenergy.com/media/htif2hwl/afc-energy-2022-annual-report.pdf
For those who are interested in AB's 6,000,000 share option agreement you can find all the original details in the RNS from 17th July 2015 .... https://www.lse.co.uk/rns/AFC/ceo-contract-renewal-hi27xuox0wvshvk.html ... The 2,000,000 shares that relate to KORE must now be in the delete holder .
Surely that RNS has zero relevance to anything now.