RE:CREST CLARIFIES ISSUE AND ESCROW OF PERFORMANCE BONUS SHARESImo - tonights PR is pure drivel and a pathetic attempt at damage control for an ill-advised, immoral and unethical transfer of shareholder assets (of questionable legality) without approval of the majority of uninvolved shareholders of Crest Resources.
I perceive that today was a massive failure on the part of our management team and BoD to protect ALL shareholders equally per their legal obligations. If mgmt and BoD want to treat this company as their own private piggy bank than buy out uninvolved shareholders and take the firm private.
Employee incentive programs are designed to incent employees to maximize the value of company assets --- not to strip the corporation of those assets and distribute them to certain directors, officers, employees and consultants.
Imo the explanation included in this latest PR is NOT good enough and the transfer to certain directors, officers, employees and consultants should be rescinded immediately.
Then hire a consultant to create a new employee incentive plan that is properly documented, and funded to conform with industry standard and voted upon by shareholders of the corporation that are not directly affected by the provisions of the incentive program.
And while you have the consultant on site ask him why an RSU program could not be made to work for Crest Resources specifically when it seems to work just fine for the vast majority of TSX listed companies (including mining companies)!