Tomato, Shirley & others,
As a lurker on this thread for the past 5 months, let me first say I enjoy reading your posts.
I completely concur with your assessment of this unilateral reduction of the exercise price of WSP management and employee options. Five years is a long time for the option holders to reap
rewards on the existing (former?) options at 3.66. Since I bought in after the private placement, at a price slightly higher than both the private placement and existing 3.66 company options in place, I feel somewhat mislead by the former option price. This move strikes me as nothing more than a money grab at shareholder's expense.
While one can always make arguments about performance incentives, in the present environment, where there is a confidence crisis of sorts in the entire junior resource sector, a more appropriate focus would be to demonstrate concern for investor incentives and confidence. This unilateral reduction in option price for insiders is not in the fiduciary interests of investing shareholders, particulary shareholders from the most recent private placement, and those of us who paid even more, prior to the Bre-x debacle. Maybe a more equitable solution would be for all shareholders to get 5 year options at 1.62. Of course, the dilution would be greater.
These are just my thoughts. I took your suggestion and passed them along to Windspear this morning, leaving a polite but direct message with the receptionist about my concerns and objection. I appreciate all your posts. Good Luck to all wsp shareholders. Thanks again.
Larry
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