Someone forgot to pay Greatcell Solar’s boss and the ASX cancelled his options
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Someone went on Christmas holidays and forgot to pay the boss of Greatcell Solar.
Now he has to wait for the next AGM to sort it out.
The ASX has cancelled 1.3 million performance rights that were given to Greatcell Solar (ASX:GSL) managing director Richard Caldwell at the AGM in November.
A “combination of circumstances” meant that instead of the options being lodged within 10 days of shareholder approval, they were issued on January 17.
Stockhead reached out to company secretary Kim Hogg to find out exactly what the combination of circumstances were.
Mr Hogg says while ASX listing rules allow 12 months for redemption. the company imposed a 10-day deadline as they like to “wrap up” performance rights close to the AGM.
But travel arrangements and Christmas meant they “lost sight of the deadline” and the ASX took them at their word, forcing the company to stick to the self-imposed 10 day deadline.
Mr Hogg says Mr Caldwell will have to wait until next year’s AGM, unless the company has to call a meeting in the interim.
Mr Caldwell can probably afford to wait however.
Greatcell’s share price hasn’t moved from between 17c and 19c since the end of July.
The company’s high tech solar cells have been in development since it listed in 2005, but they are starting to make a little money — $245,000 in the December quarter.
But with prototype facilities not yet built, Greatcell will survive on R&D tax refunds and grant money for some time yet.