RE: Ops Update6 Dec 2023 12:45
" The Tailwind founders will substantially cease their involvement in Serica during the early part of next year. We are grateful for their openness and support during 2023..."
So, "during the early part of next year" they will "substantially cease their involvement", in other words :
Once they receive their second tranche of 'free' 2,877,698 shares end of March they will do b u g g e r all for SQZ whilst still on our payroll ..... imo
"substantially cease their involvement", for me means being on retained salary, but not doing much for it and they will not actually leave the business. Hope I'm wrong, but smells of old boys, you scratch my back scenario.
The founders will receive," 2,877,698 of the Consideration Shares which would have had a value of £8 million at the time of signing the SPA..." .... "50 per cent of these shares will be issued 6 months after Completion and 50 per cent of these shares will be issued 12 months after Completion..." Of course they will also pick up an additional £661,000 in dividends too.
Nice work if you can get it ...... !!!!
aimo & dyor