Der har været en del usikkerhed om insideres udnyttelse af optioner og tilhørende aktiesalg i QEC. Aktien har idag fået kursmæssigt på munden pga usikkerheden, og historien vinkles desværre som et insidersalg af pressen. For at undgå et alt for langt og uoverskueligt indlæg poster jeg selve børsmeddelelsen i et indlæg nedenfor. Desværre står der intet om exercise price i meddelelsen, dette ville ellers have gjort sagen mere gennemskuelig i mine øjne, men wtf, ucanthaveitall.
Flg eksempel går på hvad bestyrelsesformand Peder Paus har foretaget sig, hvis man keder sig kan man jo regne efter med de følgende insidere, anyways er her hvad der er foregået:
Klippet fra QECs "Insider holdings":
#As of January 13, 2010
#Paus, Peder Director 5,330,925 shares (+ x antal optioner)
Klippet fra dagens børsmeddelelse:
#Exercise of 800,000 options
#participation of 550,000 shares
#Total number of shares increased to 5,580,925 shares.
Peder tegner altså ialt 800k aktier ved hjælp af optioner der ellers ville være udløbet. Af de 800 kilo sælger han så 250k til den nye investor.. Han beholder selv 550 kilo hvilket fremgår tydeligt af hans total # of shares.
Håber det er til at forstå hvad der er foregået??
Om hvorfor det er foregået som det er, er ikke til at sige, men flg kunne jo være en mulighed:
HVIS QEC havde brugt penge på at børsnotere optionerne havde PP kunnet sælge de 250k optioner til den nye investor via børsen og så brugt provenuet fra handlen til at tegne de resterende 550k nye aktier. Men lur mig om ikke det er umuligt at handle optionerne over børsen; de skal med næsten 100% sikkerhed udnyttes af PP selv (disclaimer: jeg gider ikke bruge tid på at opsnuse dokumnetation for den påstand).
Hvis der havde været exercise price i børsmeddelelsen skal de da sikkert passe meget godt med at fortjenesten på de 250k videresolgte, frisktrykte aktier balancerer med skattekravet for gevinsten på optionsudnyttelsen + prisen for at tegne de 550k resterende aktier.
Sagen udlægges negativt som et "insidersalg" men kunne i min optik ligesågodt have været udlagt positivt som insideres udnyttelse af optioner.... De virkeligt negative signal havde da været hvis PP slet ikke havde gjort brug af optionerne... og så havde QEC heller ikke fået tilført kapital for de 800k nye aktier.
Flg eksempel går på hvad bestyrelsesformand Peder Paus har foretaget sig, hvis man keder sig kan man jo regne efter med de følgende insidere, anyways er her hvad der er foregået:
Klippet fra QECs "Insider holdings":
#As of January 13, 2010
#Paus, Peder Director 5,330,925 shares (+ x antal optioner)
Klippet fra dagens børsmeddelelse:
#Exercise of 800,000 options
#participation of 550,000 shares
#Total number of shares increased to 5,580,925 shares.
Peder tegner altså ialt 800k aktier ved hjælp af optioner der ellers ville være udløbet. Af de 800 kilo sælger han så 250k til den nye investor.. Han beholder selv 550 kilo hvilket fremgår tydeligt af hans total # of shares.
Håber det er til at forstå hvad der er foregået??
Om hvorfor det er foregået som det er, er ikke til at sige, men flg kunne jo være en mulighed:
HVIS QEC havde brugt penge på at børsnotere optionerne havde PP kunnet sælge de 250k optioner til den nye investor via børsen og så brugt provenuet fra handlen til at tegne de resterende 550k nye aktier. Men lur mig om ikke det er umuligt at handle optionerne over børsen; de skal med næsten 100% sikkerhed udnyttes af PP selv (disclaimer: jeg gider ikke bruge tid på at opsnuse dokumnetation for den påstand).
Hvis der havde været exercise price i børsmeddelelsen skal de da sikkert passe meget godt med at fortjenesten på de 250k videresolgte, frisktrykte aktier balancerer med skattekravet for gevinsten på optionsudnyttelsen + prisen for at tegne de 550k resterende aktier.
Sagen udlægges negativt som et "insidersalg" men kunne i min optik ligesågodt have været udlagt positivt som insideres udnyttelse af optioner.... De virkeligt negative signal havde da været hvis PP slet ikke havde gjort brug af optionerne... og så havde QEC heller ikke fået tilført kapital for de 800k nye aktier.
26/3 2010 14:54 JensHorka 0
27619 Her er så hele teksten. Forvirringen havde nok ikke været ligeså stor hvis der var sluppet tre seperate børsmeddelelser istedet for denne ene:
QEC : Notification of share and option acquisition and equity trade
08:42
The Company reported today that its primary insiders
have acquired Common Shares, stock options and also
have completed an equity sale to a select group of
institutional and accredited Norwegian and
international investors. The sale consisted of the
issuance of 3,345,000 Common Shares at 23.20 NOK.
Its financial advisors confirmed there was significant
institutional interest from these investors who were
unable to participate in the equity placement
completed by the Company earlier this month. The
placement to fulfill this demand was completed through
the issuance of Common Shares on the exercise of stock
options that were expiring within the next few months.
The advisors believe this transaction provided a
resolution of the expiring options while at the same
time bringing new high quality shareholders to the
shareholder base. As a result of this transaction,
none of the insiders sold any shares from their
existing shareholdings and have added to their
holdings of Common Shares.
Following the exercise of the expiring options, a
total of 5,938,335 options were issued to directors,
officers and employees with an exercise price of $4.03
or 24 NOK. This represents the closing price on the
Toronto Stock Exchange yesterday.
Michael Binnion, President & Chief Executive Officer -
Exercise of 1,205,000 stock options and participation
of 965,000 common shares in placement. Increase in
total number of shares held to 5,945,045 shares Mr.
Binnion, also exercises control or direction over an
additional 5,035,792 Common Shares through Ruperts
Crossing, an investment holding company.
Mr. Binnion was granted 2,005,000 stock options to
bring his total options outstanding to 5,962,500.
Peder Paus, Chairman - Exercise of 800,000 options and
participation of 550,000 shares in placement. Total
number of shares increased to 5,580,925 shares.
Mr. Paus was granted 1,200,000 stock options to bring
his total options outstanding to 3,090,000.
Jason DSilva, Chief Financial Officer - Exercise of
400,000 options and participation of 300,000 shares in
placement. Total number of shares increased to
2,619,140 shares.
Mr. DSilva was granted 600,000 stock options to bring
his total options outstanding to 1,750,000.
John Brodylo, VP Exploration - Exercise of 350,000
options and participation of 245,000 shares in
placement. Total number of shares held increased to
784,100 shares.
Mr. Brodylo was granted 400,000 stock options to bring
his total options outstanding to 1,240,000.
Rick Tityk, VP Land - Exercise of 100,000 options and
participation of 100,000 shares in placement. No
change in total shares held at 65,000 shares.
Mr. Tityk was granted 150,000 stock options to bring
his total options outstanding to 900,000.
Peter Coldham, VP Engineering - Exercise of 100,000
options and participation of 100,000 shares in
placement - No change in total number of shares held
at 100,000 shares.
Mr. Coldham was granted 150,000 stock options to bring
his total options outstanding to 835,000.
Russ Hammond, Director - Exercise of 200,000 options
and participation of 200,000 shares in placement - No
change in total number of shares held at 0.
Mr. Hammond was granted 250,000 stock options to bring
his total options outstanding to 732,500.
Maria Rees, Corporate Secretary - Exercise of 375,000
options and participation of 374,165 shares in
placement - Increase in total number of shares held to
655,235 shares.
Ms. Rees was granted 425,000 stock options to bring
her total options outstanding to 1,405,000.
Bjorn Inge Tonnessen, Director - Exercise of 70,000
options and participation of 70,000 shares in
placement - No change in total shares held at 5,000 shares
Mr. Tonnesson was granted 50,000 stock options to
bring his total options outstanding to 500,000.
Ian Nicholson, Manager -- Exercise of 150,000 options
and participation of 150,000 shares in placement - No
change in total shares held at 156,200 shares
Mr. Nicholson was granted 50,000 stock options to
bring his total options outstanding to 525,000.
Les Beddoes, Director -- Exercise of 58,335 options
and participation of 58,335 shares in placement - No
change in total shares held at 452,080 shares
Mr. Beddoes was granted 108,335 stock options to bring
his total options outstanding to 488,753.
Paul Harrington, VP Finance was granted 100,000 stock
options to bring his total options to 340,000.
Pat Quinlan, Director was granted 50,000 stock options
to bring his total options outstanding to 300,000.
Pierre Boivin, Director was granted 50,000 stock
options to bring his total options outstanding to 465,000.
Url: http://www.newsweb.no/index.jsp?messageId256956
QEC : Notification of share and option acquisition and equity trade
08:42
The Company reported today that its primary insiders
have acquired Common Shares, stock options and also
have completed an equity sale to a select group of
institutional and accredited Norwegian and
international investors. The sale consisted of the
issuance of 3,345,000 Common Shares at 23.20 NOK.
Its financial advisors confirmed there was significant
institutional interest from these investors who were
unable to participate in the equity placement
completed by the Company earlier this month. The
placement to fulfill this demand was completed through
the issuance of Common Shares on the exercise of stock
options that were expiring within the next few months.
The advisors believe this transaction provided a
resolution of the expiring options while at the same
time bringing new high quality shareholders to the
shareholder base. As a result of this transaction,
none of the insiders sold any shares from their
existing shareholdings and have added to their
holdings of Common Shares.
Following the exercise of the expiring options, a
total of 5,938,335 options were issued to directors,
officers and employees with an exercise price of $4.03
or 24 NOK. This represents the closing price on the
Toronto Stock Exchange yesterday.
Michael Binnion, President & Chief Executive Officer -
Exercise of 1,205,000 stock options and participation
of 965,000 common shares in placement. Increase in
total number of shares held to 5,945,045 shares Mr.
Binnion, also exercises control or direction over an
additional 5,035,792 Common Shares through Ruperts
Crossing, an investment holding company.
Mr. Binnion was granted 2,005,000 stock options to
bring his total options outstanding to 5,962,500.
Peder Paus, Chairman - Exercise of 800,000 options and
participation of 550,000 shares in placement. Total
number of shares increased to 5,580,925 shares.
Mr. Paus was granted 1,200,000 stock options to bring
his total options outstanding to 3,090,000.
Jason DSilva, Chief Financial Officer - Exercise of
400,000 options and participation of 300,000 shares in
placement. Total number of shares increased to
2,619,140 shares.
Mr. DSilva was granted 600,000 stock options to bring
his total options outstanding to 1,750,000.
John Brodylo, VP Exploration - Exercise of 350,000
options and participation of 245,000 shares in
placement. Total number of shares held increased to
784,100 shares.
Mr. Brodylo was granted 400,000 stock options to bring
his total options outstanding to 1,240,000.
Rick Tityk, VP Land - Exercise of 100,000 options and
participation of 100,000 shares in placement. No
change in total shares held at 65,000 shares.
Mr. Tityk was granted 150,000 stock options to bring
his total options outstanding to 900,000.
Peter Coldham, VP Engineering - Exercise of 100,000
options and participation of 100,000 shares in
placement - No change in total number of shares held
at 100,000 shares.
Mr. Coldham was granted 150,000 stock options to bring
his total options outstanding to 835,000.
Russ Hammond, Director - Exercise of 200,000 options
and participation of 200,000 shares in placement - No
change in total number of shares held at 0.
Mr. Hammond was granted 250,000 stock options to bring
his total options outstanding to 732,500.
Maria Rees, Corporate Secretary - Exercise of 375,000
options and participation of 374,165 shares in
placement - Increase in total number of shares held to
655,235 shares.
Ms. Rees was granted 425,000 stock options to bring
her total options outstanding to 1,405,000.
Bjorn Inge Tonnessen, Director - Exercise of 70,000
options and participation of 70,000 shares in
placement - No change in total shares held at 5,000 shares
Mr. Tonnesson was granted 50,000 stock options to
bring his total options outstanding to 500,000.
Ian Nicholson, Manager -- Exercise of 150,000 options
and participation of 150,000 shares in placement - No
change in total shares held at 156,200 shares
Mr. Nicholson was granted 50,000 stock options to
bring his total options outstanding to 525,000.
Les Beddoes, Director -- Exercise of 58,335 options
and participation of 58,335 shares in placement - No
change in total shares held at 452,080 shares
Mr. Beddoes was granted 108,335 stock options to bring
his total options outstanding to 488,753.
Paul Harrington, VP Finance was granted 100,000 stock
options to bring his total options to 340,000.
Pat Quinlan, Director was granted 50,000 stock options
to bring his total options outstanding to 300,000.
Pierre Boivin, Director was granted 50,000 stock
options to bring his total options outstanding to 465,000.
Url: http://www.newsweb.no/index.jsp?messageId256956
26/3 2010 15:34 Stinker 027620 I Paus' eksempel tror jeg, at du bytter rundt på hvor mange han sælger og beholder, hvilket rettelig må være hhv 550k og 250k, således at hans beholdning netop øges til 5,580mio, som du anfører.
Uanset tallene og uanset om man vil fortolke det positivt eller negativt, kan der dog ikke ændres på, at han efter udnyttelse af optioner har solgt aktier.
Uanset tallene og uanset om man vil fortolke det positivt eller negativt, kan der dog ikke ændres på, at han efter udnyttelse af optioner har solgt aktier.
26/3 2010 16:17 JensHorka 027621 Damn, i stand corrected, havde læst
#Total number of shares increased to 5,580,925 shares.
som
#Total number of shares increased to 5,880,925 shares.
irriterende, men sådan er det engang imellem når man stirrer sig blind på tal...
Nå, kiggede lige på insiderbeholdninger i de ældre børsmeldinger, der var et lignende stunt (optionsrealisering + aktiesalg) tilbage i september '09, dengang tegnede en bunke medarbejdere aktier og solgte dem i markedet istedet for direkte til institutionelle investorer.
siden dengang er ændringerne i de private beholdninger:
Binnion + 240k
Paus + 250k
D'silva + 100k
Brodylo + 105k
Rees + 835 (ikke 835 k)
Der præcist svarer til forskellene mellem antal realiserede optioner minus antal solgte aktier...
Og det er helt korrekt at der ikke kan ændres på at der sælges aktier efter udnyttelse af optioner... markedets reaktion har foreløbigt udlagt det negativt.
#Total number of shares increased to 5,580,925 shares.
som
#Total number of shares increased to 5,880,925 shares.
irriterende, men sådan er det engang imellem når man stirrer sig blind på tal...
Nå, kiggede lige på insiderbeholdninger i de ældre børsmeldinger, der var et lignende stunt (optionsrealisering + aktiesalg) tilbage i september '09, dengang tegnede en bunke medarbejdere aktier og solgte dem i markedet istedet for direkte til institutionelle investorer.
siden dengang er ændringerne i de private beholdninger:
Binnion + 240k
Paus + 250k
D'silva + 100k
Brodylo + 105k
Rees + 835 (ikke 835 k)
Der præcist svarer til forskellene mellem antal realiserede optioner minus antal solgte aktier...
Og det er helt korrekt at der ikke kan ændres på at der sælges aktier efter udnyttelse af optioner... markedets reaktion har foreløbigt udlagt det negativt.
26/3 2010 16:27 Stinker 027622 Givet at optionerne fungerer som en aflønningsform, er de jo til for at blive cashed in før eller siden. For så vidt synes jeg måske også, at det egentlig er mere interessant, hvor rundhåndet tildelingen af optioner er, end hvornår og hvordan de udnyttes. Siden ledelsen idag også tildeltes en mængde nye optioner er jeg dog tilbøjelig til at medgive dig, at det faktisk nærmest er positivt, at ikke alle de gamle optioner udnyttedes til at sælge aktier.
26/3 2010 18:06 Hegu 027625 Paus har været ude og forklare, at han skulle bruge pengene til skattebetaling.
Med venlig hilsen
Hegu
Med venlig hilsen
Hegu