I attended the Annual General Meeting on July 26 in Vancouver. I had the pleasure of meeting several thread members at the meeting (BAMitchell, WUWT, Traisy) and a few other people that lurk the thread and let me just say that is was a pleasure to meet all of you.
So the question on everyone’s mind is what was said at the AGM. Before I start I should mention that I was talking with a broker after the meeting who told me “I have attended over 20 AGMs this year and that was the most pro-active AGM I have attended this year”. He came away from the meeting very bullish. In addition, I was informed that immediately following the meeting two individual that attended put in a market order for a large block. So although AGMs are normally fairly boring and technical in my opinion the meeting went very well. I guess the problem was that only 30 or so people attended the meeting so the word about this company is still not getting out to the masses.
So the run down...
-Toby Chu and the company’s lawyer (Ron Paton) sat at the front of the room. Toby mentioned that he was in Asia for the past 30 days and just got back the night before. He said all the meeting in Asia went great.
-According to the official count over 11% of the shares were represented at the meeting (you only need 5% represented). If you count CC’s and my shares we had a lot more than 11% represented
-All the normally formal issues were covered including last years minutes, etc.
-All items on this years proxy form were passed. This included electing the boards of directors (Charles Chen, David Richardson, Toby Chu, Aziz Sharif, Tony David, Allen Chu and Ken Lee) and passing the standard stock option plan.
BAMitchel questioned Mr. Chu about possible dilution from the stock option plan. Toby mentioned that the plan was performance based. Mr. Chu also stated the company wanted an option plan in place because that is what the large exchange (such as the TSE and NASDAQ) demand before listing a company. Since options were brought up in the meeting I thought it would be a good time to post the current options outstanding. For the record there are 1.1 million options outstanding and 715,000 of these are out of the money. This is very reasonable in my opinion.
Options – 1.1 million
115,000 at $0.57 – expires July 7, 2001
15,000 at $0.56 - expires December 20, 2002
63,000 at $0.56 – expires August 18, 2003
115,000 at $0.56 – expires April 7, 2004
110,000 at $0.76 – expires August 15, 2004
250,000 at $1.65 – expires February 15, 2005
150,000 at $1.65 – expires February 17, 2005
150,000 at $1.90 – expires March 6, 2005
125,000 at $2.85 – expires March 14, 2005
40,000 at $3.57 – expires March 30, 2005
To be continued..... |
