Corporate update thoughts Two good, fewer directors and share consolidation.
BUT repriced opyions of a new listing - not a good look IMO.
to approve the repricing of an aggregate of 5,534,667 outstanding stock options granted to certain directors and officers of the Corporation.
But it's not really 5,534,667 shares not that I begrudge non management employees getting the repricing.
UIG also announces that the Board has approved the repricing ("Repricing") of up to 9,182,267 outstanding stock options ("Options"). The Repricing applies to Options previously granted to certain directors, employees, service providers and officers of the Corporation pursuant to the UIG's equity incentive plan. The Options have been repriced from $0.18 to $0.10, a premium to the Corporation's current stock price.
The Repricing is subject to approval of the TSX Venture Exchange (the "TSXV") and disinterested shareholder approval. Approval for the Repricing of an aggregate of 5,534,667 Options to Insiders (as such term is defined in the policies of the TSXV) will be sought at the Meeting. While certain Options held by the UIG's employee base will be repriced as part of this exercise, only the Options held by Insiders require disinterested shareholder approval.
To retain valued team members in the context of a significant drop in the trading price of the Corporation's Common Shares on the TSXV, certain of the outstanding Options no longer offer an adequate incentive to employees and Insiders, as currently priced. Recognizing that Option grants are a critical element of the UIG's compensation policy, the Board is of the view that it is in the best interest of the Corporation to reprice the outstanding Options granted to certain employees and Insiders, to ensure the exercise price of the Options is more in line with the current market price of the Common Shares.