Thank you. Would be great to have a few other real world examples as points of comparison.
The way I see it is if it is not an atypical ask, and my gut says it isn’t but I need to substantiate that, then I still come back to this:
-NP can speak volumes but deliver titles, however I still ultimately feel his words are genuine when he speaks them. His past actions and history of exposing the truth have helped him earn my trust- He has gotten rid of internal trash in the past, stopped the dilutive share spiral in the past, used warrants when appropriate in the past, and this request aligns with his desire to build and grow the company. Ask yourself if you believe in him or think he is disingenuous. My mind says he is no Madoff based on his past examples (and his book)
-The scientific advisory board has no allegiance to a potential acquirer fwiw and could easily be replaced afterwards
-As a long term investment, I am still quite ok with 4.4% dilution (25 / 569 shares out) and then 1% per year every year after for ten if it means the price will go up well in excess of 15% over the next ten years. If the annual compounded growth of this company in ten years time is below that in your mind, vote no. I believe otherwise (this stock moves that much in one day)
-I understand the arguments for milestone tied comp but perhaps they want the flexibility to be dynamic with the use of these shares as they grow given the goals can change based on their path forward, and don’t want a revote every time
-I also believe in, at most, ten years from now they will be in a position to reverse the dilution through dividends and buybacks - both are done by BP - shares outstanding counts have gone done for many BP once they have steady and predictable revenue streams and extra cash laying around post-R&D expenses.
Does anyone know if there will be a call specifically devoted to discussing this request in advance of the vote? If not, anyone with concerns should email Mulholland and can ask the questions direct as many of the concerns seem to be financially related in their impact. Then they can setup a call if there are a lot or he can just answer you directly.