Ariana Resources Share Discussion Threads

[bigglesbingham] 10/12/2021 08:13

You can only quote the price on the day they were announced and the day they are Crystallised . That is the comparison for success or failure with the issuance of a particular option set. It's not realistic to argue price has been 5 times the price of the share when the options were given and now it's only three times. Those comments are nonsense.

[kaos3] 10/12/2021 07:53

as far as I can see - Kerim took no options in Panther PLC

and I agree with BB - salaries are fair, even modest and should be upgraded as they grow

[jaf1948] 10/12/2021 07:49

Biggles made the point 'Share price before announcement was 1.35. Shareprice today 4.05' implying the directors have earned their options.

By the same token, the share price has dropped from 6.25p in September 2020 to 4.05p today. Is that down to the directors as well ? You can't have it working only in one direction.

We are where we are. Let's hope we're at the turning point again.

[kaos3] 10/12/2021 07:42

from panther plc prospectus

Plan limit
Options may not be granted under the Share Option Plan if such grant would result in the total
number of “Dilutive Shares” exceeding 15% of the issued share capital of the Company from
time to time.

-------------------------
they can "take"15 % before asking for more
---------------------------
from fin report 2020

On 10 May 2018, 20,000,000 options were granted and are exercisable at 0.2 pence per share and became
exercisable six months after their grant. They can be exercised at any time between this date and to the day before
the third anniversary of their grant. Following the Share Consolidation, the number of options issued has reduced to
1,000,000 options and the exercise price has been rebased to 4 pence per Ordinary Share.
On 10 May 2019, the Company issued 10,000,000 Old Ordinary Shares on the exercise of 10,000,000 options
at an exercise price of 0.2p per share. This entitled the option holders to one new bonus option with an exercise
price of 0.5 pence each, expiring at the same date as the original options. As at 31 December 2019 and following
the Share Consolidation the remaining share options held by directors reduced to 1,000,000 options exercisable at
a rebased price of between 4 pence and 10 pence per Ordinary Share.
On 22 July 2019, the Company issued 43,333,332 warrants in connection with a fundraising to acquire Old
Ordinary Shares (“Subscription Warrants”), such warrants being exercisable at a price of 0.3p per Old Ordinary
Shares. Following the Share Consolidation these warrants have reduced in number to 2,166,666 warrants and
the exercise price has been rebased to 6 pence per Ordinary Share. On 9 January 2020, the Placing involved the
issuance of 13,716,666 Ordinary Shares with warrants attached on a one for one basis, resulting in the creation of
13,716,666 warrants (“Placing Warrants”) at an exercisable price of 12 pence per Ordinary Share at any time from
Admission until the second anniversary of Admission. D Hazelwood holds 500,000 Placing Warrants and K Asling
holds 100,000 Placing Warrants
---------------------------------------------------------

[kaos3] 10/12/2021 07:35

today Oz prospectus listing data (listed at 0,2 USD)

Joint Lead Manager Options
Set out below are the terms and conditions of the Joint Lead Manager Options:
(a) Entitlement
Each Option entitles the holder to subscribe for one Share upon exercise
of the Option.
(b) Exercise Price
Subject to paragraph (a), the amount payable upon exercise of each
Option will be $0.30 (Exercise Price)
............................

Performance Rights
Mr Daniel Tuffin (or his nominee) 2,000,000
Dr Kerim Sener (or his nominee) 1,500,000
Mr Ranko Matic (or his nominee) 1,500,000
Total 5,000,000

[d1g3y] 10/12/2021 07:35

Kerim steps down as non exec director of Panther UK and becomes Non Exec director of Panther Australia

[temujiin] 10/12/2021 07:22

In a way both sides of this 'options' debate have a point.

Do ''most'' directors reward themselves handsomely via pay and options- Absolutely Yes
Do these ''cheap'' shares dilute other shareholder - Yes

But this is the norm on the stock market and also for many employees. Get over it. If you really don't like it then stop investing in the stock market and/or use your vote at the AGM to register your disapproval.

The only reason people can belly ache about this is because the company share price has done so well since the strike price was set and that's because the company itself as managed by the directors, has done so well.

I don't like greedy directors feeding off failing companies, but AAU's directors are feeding of a very successful company, and so the manic criticism in this case, is imo way overblown.

[bigglesbingham] 09/12/2021 23:40

Share price before announcement was 1.35. Shareprice today 4.05 what's your point ?

[xow98] 09/12/2021 21:57

BB, share price in the 12 months before announcement:

30/12 1.775
31/1 1.65
28/2 2.125
31/3 1.80
28/4 1.75
31/5 1.75
30/6 1.325
31/7 1.30
31/8 1.40
29/9 1.525
31/10 1.35
30/11 1.275

Options at 1.55. Self-awarded reward for under-performance?

[kaos3] 09/12/2021 20:43

only 8 views by now

[soulsauce] 09/12/2021 20:28

Cheers Plasybryn. If he is concerned about the valuation maybe he should have a word after all with PG.

[kaos3] 09/12/2021 20:27

past options reward is not important now - agree. It is their general attitude (including communications, remuneration ...) from the past up until now and its use in the future BOD deeds - as the Co grows. will it stay the same as it served very well or will it change?

It is a common issue - when the Co goes through the different stages and sizes ( thankfully to the present BOD) growing up - that BOD usually have to change and to adapt to the size of their own creation....

[plasybryn] 09/12/2021 20:23

I've now watched the 1 hour Mines & Money presentation. It was pretty good.
Kerim took his time, was calm and fairly laid back.
I was pleased to see him mention the positive impact of the declining Turkish Lira, but the key messages were I think.
1. He had a slide which showed how undervalued Ariana is versus it's peers. He said quite strongly that "it doesn't make any sense we are trading at such a discount". Not sure I've heard him talk about the valuation disconnect quite so clearly before. Well done.
2. He explained in some detail the potential coming from Ardale/Salinbas & indeed Cyprus. The assets are already vastly bigger than Kiziltepe and we have hardly started.
3. Good drilling progress is already being made at Tavsan & Salinbas (2 Rigs at each location I think). There is so much news to come from both projects in 2022.
4. The substantial drill programme at Kiziltepe will lead to a new Resource in coming weeks. That has got to be exciting.
5. The Venus IPO in Australia takes place tomorrow.
6. There is obviously going to be an ongoing dividend strategy,
7. Kerim would like two more names added to Asgard by end of 2022.
In my opinion this is a great time to buy as clearly it isn't going to be long before sentiment changes here.
Enjoy

[bigglesbingham] 09/12/2021 20:17

Anyone who invested in that last three years should have done their research and known about options. They hadn't paid bonuses prior and remuneration was low compared to peers. Many discussions were conducted at time, options represented 20% increase in shareprice. Very fair in my opinion. Look at hummingbird directors if you want an example of noses in the trough. But some don't like success being rewarded. Anyway won't mention topic again I'm bored.

[kaos3] 09/12/2021 20:17

is it in their interest - to propose BOD expansion?
or to have professional institutions/funds on their shareholders list?

I do not know

[xow98] 09/12/2021 18:41

At the time of the options award, the members of the remuneration committee were MDV (awarded 17m options) and William Payne (awarded 4m options).

So much for an independent set of Non-Execs setting challenging targets and holding the directors to account.

[kaos3] 09/12/2021 16:09

Spangle - thnx

exactly.... and sorry to waste your time...... on this topic ;)

and you forgot to mention

"responsibility insurance" or whatever the expert term is

shareholders many times pay insurance to the BOD - so they are covered for almost anything they do (even against shareholders who pay the bill )

PS: sometimes people get thinking - if one asks Qs about a topic.
If one just starts explaining away the relevance of a topic - it is considered a boring rant to be skipped

sori

and you nailed it - 3-4 people decide what they will take for themselves - among themselves - and it purely depends on their "_____" standards - fill the gap with an adj

on courts a special creature was allowed - jester - no brain no education no credibility (and possibly most clever) - he was the only one handling the truth and stupidity and his head was not cut off. jester had it best - no work load, no responsibility, nothing much was expected, he ate as king did, knew it all but did not care, ladies could use him without any worry to them .... extremely interesting and unique position

[spangle93] 09/12/2021 15:55

kaos - the whole executive and non-executive remuneration business sucks, but it is carried on in perpetuity, because the remuneration committee (which comprises NEDs since they set executive packages) only has to demonstrate a basis for its recommendations, and that its recommendations are in line with company policy.

They do this by engaging remuneration consultant companies to verify what industry does - so if the consultants say "oh, executives in your industry get a base salary, perks such as private medical insurance, pension contribution, LTIP, options, golden hellos, golden wheelbarrows, ... and the standard uplift this year is x%, and the average is 6% of the total company stock on options, and ..." and your company policy, agreed with investors in the articles of association, is to pay "industry average", or even "above industry average", then you can justify your recommendation is in line with industry by using industry data.

The rule is that you should not, of course, vote on your own package, which NEDs on the committee can't then do. It is significantly harder in small companies when there are only 3-4 people on the board. But they can propose what they should get. The remuneration for all executives should then be voted for by shareholders at the AGM.

It would be wonderful if the whole gravy train could be rebooted. It's like, it's completely wrong, but since everyone does it and benchmarks each other, that is all there is. To change the status quo would require institutions to vote against remuneration proposals at an AGM, which seldom happens, especially for small companies out of the public spotlight

[kaos3] 09/12/2021 15:08

as I am just a gardener - in general - who exactly proposes and sign the options deal? is it the remuneration committee? are they independent - arms length - or do they come from the same pool of professionals? who proposes names for the committee (the other side that signs the award)?

how does it work? is it just a loop for a better "honest" look or is it independent arms length?

[plasybryn] 09/12/2021 15:04

Just for your interest as you weren't able to attend, please find below a link to the recording of Ariana's presentation at Mines and Money last week. Please feel free to share this further if you wish.https://www.youtube.com/watch?v=HAux0z-3a1IBest, HenryHenry WilkinsonAccount DirectorYellow Jersey

[shortarm] 09/12/2021 14:43

Yeah, AAZ down from 170 to 110 with a similar chart.Wonder what their directors are doing wrong then?

[dixi] 09/12/2021 14:40

For all that AAZ is having a torrid share price time too for recent investors. I know some AAU director actions are unpopular. But if gold was flying and the sp's along with it, nobody would care so much.

[zangdook] 09/12/2021 14:34

I find it quite astonishing that a poster here is actually arguing that exercising options at less than zero net cost is a demonstration of faith in the company. Options are precisely the opposite, a demonstration of lack of faith. If the share price is low and you have confidence in the company, you'll fill your boots. If you have no confidence, but you don't want to miss out if the company somehow does ok, you award yourself millions and millions of options. Then if, as you expect, the company goes to the wall, you've lost nothing, but if by some miracle things work out and the share price goes up, you can still buy the shares at the cheaper price by exercising your options. And if you sell off some of the shares in order to pay for that exercise, you're reconfirming your lack of faith, for everyone and his aunty to see.

Someone mentioned AAZ earlier. AAZ doesn't do options. AAZ doesn't do warrants. AAZ doesn't do placings. That's a large part of the reason why my investment there is many times larger than it will ever be here.