Ookami directors would like to be paid more, please
Link copied to
Ookami wants to double the pool of money that it has available to pay directors.
The cryptocurrency and blockchain play (ASX:OOK) has three non-executive directors and a pool of $150,000 from which to pay them.
At an upcoming general meeting it is asking shareholders to lift that to $300,000.
A non-executive director is one who doesn’t work day-to-day in the business.
Chairman Faldi Ismail, Brendan de Kauwe and newcomer Emma Poposka are paid $24,000 a year, a fee set in 2015.
These were lifted this month to $48,000 a year, which is about average among small cap boards.
“Notwithstanding the increase in non-executive directors’ fees from 1 July 2018, the total fees payable to the current non-executive directors will still remain below the current cap of $150,000,” the company said in its reasons for the pay bump.
“It is not envisaged that the proposed increase to the fee pool will be utilised immediately.”
The company said the extra means they can bring in new directors without forcing the others to take a pay cut.
Paying in stock
Shareholders will also be asked to ratify 21.1 million shares that have been issued this year to Cadmon Advisory, National Currency eXchange over a research arrangement, a private placement to raise cash, and to Dyamond Developments as an “investment relations consultant”.
Dyamond Developments is controlled by Zyber (ASX:ZYB) chairman George Hatzipapas.
Zyber is trying to develop secure file sharing software and was chaired by Perth lawyer Peter Wall until January. His exit sent the company’s shares plunging by 50 per cent in a day.
Mr Wall resigned from the Ookami board in February.
Dyamond Developments was also issued 2.5 million options exercisable at 2c each before September 2019 for those same investor relations duties.
Ookami is deep in blockchain-land, having bought 18 per cent of Ms Poposka’s identity management and data company Brontech before bringing her onto the board.
Stockhead has approached the board for comment.
It’s been a difficult year for Ookami shareholders still hanging on after a massive ramp-up in January.
The company was caught up in the blockchain/Bitcoin hype in December, but the air has seeped out of the blockchain bubble since mid-January.
Ookami shares took off from 1.5c a year ago to a high of 16.5c in January — but have since given up all that ground.
The shares were fetching 1.9c on Monday.