AP Options21 Nov 2018 09:54
"Zagra is a ‘Joint Asset’ of which Andrew Prelea is entitled to a 10% interest as referred to in the Company’s announcement of 1 March 2018 following his appointment to the Company as a director. As therein stated, in order to eliminate conflicts of interest it was and remains the intention of both the Company and Andrew Prelea to negotiate terms under which Andrew Prelea’s interests in the Joint Assets are exchanged for special option rights to acquire shares in the Company subject to approval by shareholders of the Company at a General Meeting".
So far, shareholders have been diluted, granted more headroom for later dilution, our cash has been drained in the pursuit of 'carrot' assets and production which hasn't yet materialised. We have been given countless positive 'body language' cues from AP during interviews as though something is always just around the corner, but those unspoken things never appear to arrive.
To then read the above statement, buried down within the latest RNS, is testament to APs will to take advantage by lining his own pockets at the expense of his own shareholders.
AP already has 10% of several of VASTs assets, now he wants even more. If shareholders support the resolution at the GM, and all goes badly for VAST, AP still gets 10%.
If all goes well for VAST, AP is effectively saying that, given authorisation, he will happily exercise his options by converting them to VAST shares, adding yet more shares into circulation, all so that he can benefit even greater than he already will, again, at the expense of shareholders!
I say that regardless to whatever carrot, or good news is announced up to the GM, we should all reject the proposal put forward, and instead allow shareholders to be the beneficiaries of the company's future growth, not just AP. We pay him a salary, and for it, he should work for us, not for his own greedy desire to be rich.
Under the Companies Act, PI's are defined as beneficiaries of the shares we own. Our brokers however, are defined as the company members and are the names written on the share register. As a result, it is our brokers that legally have the right to vote resolutions on our behalf, unless we explicitly request a voting form.
I suggest we all request voting forms from our brokers for the upcoming vote and reject APs proposal. If you don't request it, your broker will most probably use your vote to give AP exactly what he wants.
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