RE:Question
I read the same thing but can't recall specifically who wrote the comments.
It occurs to me that the Houses won't be too impressed if the Management have a built-in 8% bonus in the Agreement. None of the Houses want to see that much value disappear from the merged company in one stroke,(unless they're shorting)
All along I thought, like many, that management's intetests were aligned with those of FCU shareholders. Maybe they still are. But if they award themselves anything like 8% of the value of Mergeco, it'll dwarf Dev's profit from a sale at, say $3-4.00. This is where their interests could be decoupled from ours. We MUST know if/how management is being treated by the merger beyond knowing that Dev would be CEO and Ross Chief Geologist
If the circular doesn't contain details of management compensation, or provides details of excessive compensation, we have reason to be very concerned.
Hopefully, the R600W news is forcing some bidder's hand in London, and the ball will be rolling soon. Or one or more of the Houses will object to potential excessive loss of Mergeco value, if it's being comtemplated.
Another good reason to vote No.