RE: No negative news or big sells..30 May 2019 00:48
On seeing the PMO fall today, I (or should it be j?) remembered the post from SIPP on this thread.
Now it received several tick-ups, but no response and, whilst I had intended to, I was dissuaded by the BH O/Ts. ;-)
I am not sure why we should expect Exec Director buys at this point. That they have not when the SP was (much) cheaper may be a fair question, but would probably elicit the same 'why should they' response.
They probably breathed a sigh of relief when they could cancel the public offer as that would save them having to justify their non-participation....
The second part of the post referred to ' a minimum shareholding requirement has been introduced for executive directors of 200% of salary, to be achieved within five years', and the lack of phasing. Just as with the warrants, there is no phasing. A simple yes/no at the end of the period. Who knows what their salary will be in 5 years, lol. If we look at the feeble, weasel worded justifications for the restoration of the bonus to 100% and the need to raise the salary and the need for another bonus scheme, it is clear that the BOD will thank the Remuneration Committee for their largesse and the PI is left to wonder whether their profligacy is not a tad too early, as income is still awaited. But don't forget that "as an AIM-quoted company, Hurricane’s Remuneration Policy does not require formal shareholder approval". Get it while you can!
Back to the 200%, it can be expected that the VCP will deliver rewards that will easily satisfy the 200% requirement. (If it doesn't, then all the expectant PIs here will be sorely disappointed with their lot, even though the threshold was originally set at 10%pa increase in the SP.)
"The structure of the VCP and potential for an exit mean that executive directors may have a significant shareholding on vesting of the VCP. The committee anticipates that a special broker sales programme would be implemented to facilitate the payment of taxation in a manner that ensures an orderly market and alignment with shareholders."
However, currently
“A Director shall not be required to hold any shares of the Company by way of qualification.”
This according to the Articles of Association, and there is no mention of a change to these in the AGM. Perhaps next year...or within the next five.
Finally, as VCP will vest on a Production Maturity event, specifically "Enhance production through incremental infrastructure" perhaps the question should be “Will that be on delivery (FOIL2) or on FID of the debottlenecking?”
jimo
joe
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