Mack we simply do not know the magnitude of plans that are ahead for POET. They are building a company that they expect to dominate in all areas of photonic integration. If they are successful this company will become an industry leader. So how many options do they require to make that happen? We simply don't know. The head count is now at 50 employees and it would not surprise me to see that grow substantially.
And as far as using percentage O/S shares to establish fixed numbers. That is the calculation that is set out by TMX policy. The 20% is the highest number used in the calculation and requires shareholder approval but the same mechanism is used at 10%. POETs vesting period of 4 years allows that dilution to be controlled over time but what has caused a great impact to the dilution has been the retirement of people and the warrants from all the financing that had occurred over the last 5 years. And of course the abuses of earlier management.
It is how they use the options that should be important to us as shareholders not the fact that they are available.
It is very possible that they are just going through the process like Rainer is saying?
This management team will be opportunistic in how they build this company.
As far as what is happening right now with selling out of Canaccord…I think we all expected this as it was talked about. Unfortunate it makes the question of options a very big target by shareholders right now.
