Proxy Form - A Call to Action!I just read the proxy circular, and quite frankly I think the number of options being granted to some of the employees and directors is insane. I will give you two examples:
Michel Fontaine, the former VP of Diagnos' mining software, got 500,000 options at $0.07/share, The profits on those are about $40,000. But CARDS did not contribute any positive cash flows in the last 3 years. And the division was sold for far less then it cost to develop the software (a measley $800k in paper of a penny stock). If Diagnos stock does go much higher, making those options worth hundreds of thousands of dollars, it will be because of the success of the HEALTHCARE business (not mining). Michel didn't contribute anything to the success of CARA.
The same arguements can be made for the Director member Jean-Yves Therien. He got 600,000 options at $0.07, but he only knows about mining, not healthcare. (And also very expensive for someone that is only a director - $50k for 4 meetings). But I am happy to pay the eye doctor Netan Choudry his options because he is contributing expertise to the healthcare business, which is the core of the company.
The silver lining in this cloud is that you can assume that management knew the stock price was the lowest it could possibly go when it issued that generous bundle of share based comp. Unfortunately when there big cake to be split amongst many people, there are always going to be a lucky few that sneak a few more bites than they deserve. Or maybe there is an aspect of Quebecois culture that I do not understand.
The only thing we can do is vote. I will VOTE AGAINST electing Jean-Yves Therien to the Board. I encourage everyone else to do the same. Everywhere around the world, common people are giving the proverbial middle finger to the establishment by voting for Brexit, Donald Trump, etc. We can do the same! VOTE AGAINST Jean-Yves Therien on the Board and show Andre that he cannot overpay his friends! The silent majority of shareholders has a voice. Let's make Diagnos great again!