Fj, you said, "They have cancelled the RS, so clearly they project some pretty significant growth and share price movement". If so, then why the need to jack up the shares available, as their capital will be increased with this share price movement?
Great points griz, it's not unreasonable to ask why. And this is not about tying their hands.
My argument is simply against using a percentage of outstanding shares as a means of establishing the number of shares available for their use. It is counterproductive to shareholder value, as the more shares are diluted, the more shares become available for further dilution. and this makes it that much more difficult for the share price to retain, let alone, appreciate in value. And bottom line is, if share price was appreciating, we would be too.
I am on board with management's strategic vision and execution to date. But the 20% mechanism to determine the number of shares available is flawed. A fixed number of shares to be voted on yearly would provide accountability for prior year's use of shares as well as improve their communication with regard to how the coming year's shares may be used.