I don't think so. If the news in the next few weeks is good, then the share price will likely appreciate to well over the $1.62 figure of a lot of the options. If the price is, say, $3.24, then mgt. will have given away a lot of money for naught. And the bulk sample should MAKE WSP money at 68% of $343/tonne. Doing a little calculation I come up with about C$3.5 mil from the bulk sample, less expenses (assuming a 10,000 tonne bulk sample).
So, no, I still don't think the Great Option Re-Pricing was anything but a rip-off for the then existing SHs like me. They don't need the money now and by the time they do, they will probably have a much higher stock price that would allow higher priced options and more money for the treasury. However, it all seems like ancient history now- but it's good to remember the past lest we forget and re-live it, eh? Or put another way, "Fool me once, shame on you, fool me twice, shame on me." |
