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30 million options!!!
I think the fact that he's been on the 'lets cut costs' bandwagon, sacking staff to save money, cutting back on exploration plans etc etc and suddenly 1% of the company shares gets offered at 17p. That's 1% dilution. How much exploration would would those 30m shares get us?? £5m is virtually the entire flipping exploration budget for H1 2023 and we haven't even seen a drill bit turn yet!
So yes it is very poor show and this without a doubt turns the new boy management team into the old boy manage team and we are back to square one (almost).
I thought Scott was refreshing and on brief when he talked about excessive costs and so on. He sounded grounded. He sounded like a normal investor. But I'm afraid self awarding oneself 30m shares is nothing short of tone deafness. He's instantly become a greedy hate figure rather than the hero he could have been. The latter can still be achieved if he delivers a monetisation event over 50p+. But anything under that and it's a poor show.
SOLG is not a business that has shares to throw away. We need those shares for future funding should any sale process prove elongated.
Sick and tired of the board, appointing, firing and lining their pockets with these confetti options....its another poke in the eye of the loyal PIs. Give us something, fgs, but no banana skin!!
ATB
I'm with you up to the "loyal PI's" bit, I certainly aren't loyal to this POS company.
All I want is my money back and hopefully a bit of a bonus for having to put up with the BS for far too long.
I can't wait to see the back of SOLG !
So may be thats the more news this Chris Robinson was alluding to. May be he was meaning, you want news then wait until you see what the new CEO is doing.
Agree that it is a rubbish exercise price for the options, but assume he will still have to pay over £5 million to gain the option shares i.e does not get them for free.
He does not get them for free but when they vest, the are sold and the company receives the 17p a share at the time and he receives the balance - so he never has to pay it out of his funds 1st - easy money
Exactly JG.
And this tells me theres a bid coming...soon...
Red,let's hope so this is dire imho
Hi Red
I’m sure these cheap options stick in the throats of many long term shareholders (including myself).
My view is that they would have known how badly this would have been received when (as far as we know) they have achieved nothing so far. Therefore my conclusion is that it’s time sensitive and they couldn’t leave it any longer without missing out.
I guess we’ll find out one day
DBW
Like the optimism but the other option is that they don't care.
dbw, I think march April is the usual period of the year for SOLG lining their own pockets. We had the same ahead of the pfs last year.
To be blunt, I was expecting it but must admit that I never saw 1% of the company shares being handed to the CEO. I think I would have been spitting bullets on 20m shares... but 30m is just like sticking 2 fingers up to shareholders.
We haven't heard about the other options and rewards being planned yet! Can't wait to see those revealed and suspect that won't be too long either. In meantime, we are all kept in dark, starved of news because the BoD's don't want to inflate the share price and then issue options at a higher price.
I think we'll here some expletives from BnC pretty soon!
IN one RNS... Scott has turned from hero to zero. Very fast indeed.
I’m irritated .. and not irritated. If we want to load up at 17p, well the shop is now open, fill your boots. I like the idea of tiering the quantity based on share price. I suppose we can be outraged when they put modifying the directors reward scheme to the AGM but will we even exist. North of 50p and release from this torment will do me now.
Every bit of news for the last 2 years ( since I have been invested) means a bid is coming soon.
If a bid arrives in 5 years time you will have the usual suspects saying I told you it was coming(soon).
Big fat bonuses being handed out, for a final skim of the cream . Imo before being sold.
Hello 11 trade ,me thinks something afoot imho
Or is that 12= afoot:):):)
Hello 338 is that MMS ??, someone posted these trades and what they meant a while ago ,can't remember who it was though
The fact is that these options dont cost us a sou...and there is zero dilution until they are exercised...
Which let's be frank will be when there is a successful takeover bid...
And they wont cost Scott a penny either because he will exercise and sell at the same time, leaving him pursuing profit...
But at 50p he makes himself a £10 million pure profit...for what...?
This is simply greed...pure and simple...disgusting.
10 millions profit at 50p, what about at100p. Oh forget..
Should he have said, ‘thanks but no thanks?’ Would you RK?
To me the issue is, should they have waited until he has at least achieved something, before offering him a fat options package???
So far we have no sign of him actually achieving anything... shutting down operations and cutting staff is not an achievement.
Should the strike price have been more ambitious?
most seem to think this stinks, without anything tangible the board can point to justify it.
Orthern …. Fair comment
As I said earlier, I think he's got a huge option package because he won't have a job very long. The company obviously can't say that but that's how it looks to me.
He can't wait until he's actually achieved something to have the options awarded to him as his position is to make sure he won't have a position soon. Would you set up your reward first or hope you can do so at the end when you aren't holding the cards anymore ?
That's why I think we are close to the first offer.
Quite right Orthern. If they had an ambitious strike price, then I would feel his interests aligned with ours. Not now.