There has to be a reason for the delay in reporting the exercise of options.
Regardless of opinions on why, (glitch in financing, holidays grace period, or whatever) exercising these options isn't an option (no pun intended).
The time where easy money was there is now gone. Money for startups on the Venture is tight.
Zen is at a stage now where progressing is all about money.
At .60 it is a huge discount compared to the stock price.
No commission to the blood sucking mmers to exercise like what a pp would cost.
Optics - shows management confidence. (to obvious to state, but still in there)
In other words, the options HAVE TO HAVE BEEN EXERCISED. The reality is they have no choice, no matter what the cost. Convert rrsp's, remortgage the house, whatever it takes!
The alternative is this:
(AE at the PDAC Zen booth this spring, asked this question): "Why didn't you exercise those hugely cheap options when you could - why are you saying this is now such a good deal?"
or,
Think about this: If they had exercised them before the last pp, they wouldn't have been asked "Why don't you exercise the options, then ask us for the rest?"
I JUST CANNOT SEE THEM NOT FULLY EXERCISED. SO MANY REASONS ITS NOT AN OPTION.
Having said that, if not exercised, I fully expect someone to then say, "Well, they are carefully selecting who they are going to allow to give them money."
Shoto |
