Post by
Plaindisclousre on Nov 24, 2020 11:17am
Cash / Value Sweep Now Exposed
Per the AGM materials just issued, the Board wants to create a "Performance Stock Plan" (that's novel) ontop of the Stock Option plan and DSU plan. The PSU can sweep a lot of value to officers and directors ahead of shareholders (15% it sems) and presumably at values crystalized / established before they are actually realized in cash by SOL. Andy D. has a 70% min contracted bonus pool allocation per the MIC, so can be expected to take 70+% of the PSU which, if Verano's value is crystalized at its IPO value for calculating the PSU, will be a huge sweep to him away from shareholders. Ontop of his DSUs and Stock options. This is somehow in the "best interests of the company" and the Board exercising its Duty of Care, even though there is nothing new that SOL has done vis a vis Verano. It's clearly an after the fact "incentive plan" / grab.
The three "incentive" plans desigend to align management and shareholders (really ?) amount to 15% dillution each it appears.
NAV per share needs to factor in these value sweeps plus the $50mm in debt.
Comment by
thorgb1 on Nov 24, 2020 11:52am
Good luck with your short. From what I'm hearing lots more coming with BWEL, Verano, GAME, and other assets.