In today's RNS the Trakm8 Holdings (LON:TRAK) boardroom have awarded themselves re-issued options on much better prices and granted extra ones on top as well.
To a board that has delivered a 90% drop in share price and have decimated shareholder value, this is a prime example of despicable greed. It is at least unprofessional and unethical to do so, if not borderline fraudulent against the owners of the company.
I hope the new NED from Microlise will step in and remove Watkins sooner than later, preferably along with his son and the Cowley brothers, all of which seem to offer 0 value to the company other than filling their pockets.
I still believe in the business story here but have lost all confidence to the board's credibility and I think this is a make-or-break moment for the company, unless there are some changes I don't think the market will trust them again and start to recover.
Agreed. The RNS conveniently does not say what the exercise prices of the replaced options were. I found that the price for the FD's 75.000 was 137.5p (27/11/17) - now 33.5p.
This comes from a dreadful board structure - 2 NEDs on a board of 9. The remuneration committee consists of these plus the Exec. Chair. Unusually one of the NEDs, Bill Duffy, participates in both the new and reissued options schemes meaning that two thirds of the remuneration committee stand to benefit. Passed!
