The warrants left to be exercised by mid FebFirst Mark Benadiba’s options have been accounted for in the TMX Market Capitalization Report for POET.
Below is the POET’s Option plan as it applies to Directors and Officers who have not been terminated with cause.
(ii) If an Optionee ceases to be either a Director or Officer of the Corporation or any of its subsidiaries for any reason other than as a result of having been dismissed for cause as provided in section 6 (n)or as a result of the Optionee=s death, such Optionee shall have the right for a period of 180 days(or until the normal expiry date of the option rights of such Optionee if earlier) from the date of ceasing to be either a Director or Officer to exercise the option under the Plan with respect to all Optioned Shares of such Optionee to the extent they were exercisable on the date of ceasing to be either a Director or Officer. Upon the expiration of such 180 day period all unexercised option rights of that Optionee shall immediately become terminated and shall lapse notwithstanding the original term of the option granted to such Optionee under the Plan.
Sam Peralta has until mid-May to exercise his options,
Lee Shepherd has until the beginning of May to exercise his.
On Sept 30 the outstanding share count was 163.9 million on Jan 9 the share count was 168.7 million. The difference is 4.8 million.
On Sept 30 there were 10,186,000 warrants at .75. The increase in the share count since that date would indicate that 5,366,800 warrants remain to be exercised. The description applied in the report indicates that up to 385,000 of the share count increase were the result of options being exercised. If that figure is accurate then 5.75 million warrants remain to be exercised by mid Feb. If one assumes that the owners of these warrants do not have the cash to pay for these warrants or have failed to sell enough shares ahead of the expiry date then the overhang represented would be roughly 2.8 million shares at $1.50 (over the next 22 trading sessions or 127k a day in selling pressure). Again this would only be the case if the warrant holders failed to plan the purcahase in advance. This assumes that no block trades will take place to move a large number of these shares but as we have seen there are in fact a significant number of block trades. Also if we look at the most recent exercise of 1.7 million warrants exercised it is difficult to assign too much down ward pressure from that transaction.
I expect this talk about any significant impact to the share price as way over stated. There was a lot of talk here from the usual suspects when the shares from the most recent raise came off hold and the share price did not go down it went up.
And between then an now there could be some significant news.