ALL YOU NEED TO KNOW
With the bonus for selling for more than C$3 off the table because of the lack of bidders willing to go that high, and the change of control payment already in his pocket, Ciachurski’s interests are no longer aligned with shareholders’. Now he is likely most focused on the change of control payment he will receive if the company sells, or he is voted out at the next annual meeting. That is equal to his total compensation for the last three years. This effectively doubles the lure of the incentive payment for bringing Yabucoa to financial close.
Hence, Ciachurski’s top priority is no longer selling the company, but closing financing for Yabucoa, and we’ve already paid him for a sale he’s been, at best, fighting to delay for the last three months.