Here we go... The exec are loading up on options and diluting the stock by 5-10%. Note the following release actually refers to two separate stock option plans, one of which must be approved by the shareholders. I think this sucks, but I understand their temptation at this share price. Now all they have to do is propose a substantial issuer bid for all the shares they don't already own.
I suggest using an additional million for the outstanding number of shares for the BV/Sh calculations.
Pinetree Capital Corp
PNP
Shares issued 9,080,069
1999-12-16 close $2.95
Friday Dec 17 1999
Mr. Sheldon Inwentash reports
The board of directors of Pinetree Capital proposes to grant the following options
for directors, officers and an employee of the company:
450,000 to Sheldon Inwentash (director/officer) exercisable at $2.51 to Dec.
16, 2004;
100,000 to Luigi M. Falzone (director/officer) exercisable at $2.51 to Dec. 16,
2004;
100,000 to David Williams (director) exercisable at $2.51 to Dec. 16,, 2004;
5,000 to Elizabeth Froese (employee) exercisable at $2.51 Dec. 16, 2004.
Of the options allocated to Mr. Inwentash, 155,000 will be issued pursuant to a
new plan approved by directors known as the Pinetree 2000 stock option plan.
The 2000 plan is subject to shareholder approval and options issued cannot be
exercised until the plan is approved by shareholders. The 2000 plan calls for a
maximum of 500,000 shares to be reserved for options thereunder.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
