Hi Trevor!On Wednesday this humble corner of cyberspace noted that those lucky lucky directors at Taskeo Mines (TKO.to)(TGB) managed to squeeze themselves a multimillion dollar options handout on the day they received a vital permit and the very day before they published the news of that permit to the market (and added 25% or so to the stock price).
Yep, better born lucky than rich, boyz.
However, it's not so good when they go on and just plain straight break the rules on options payouts. The latest filing over at TKO.to shows that Trevor Thomas (the corporate secretary and a man that should know better, being all legal beagle and that) got handed out 27,000 options on Jan 18th:
Taseko Mines Limited (TKO) | As of January 21st, 2010 | ||||||
| Filing Date | Transaction Date | Insider Name | Ownership Type | Securities | Nature of transaction | # or value acquired or disposed of | Unit Price |
| Jan 21/10 | Jan 18/10 | Thomas, Trevor | Direct Ownership | Options | 50 - Grant of options | 27,000 | $4.770 |
The problem with this isn't the size of the award. It's not the eligibility of Thomas, either. The problem is that a company cannot legally award options at any price lower than the day's trading range (in fact, normally they go for the closing price of that day). As we see Trevor Thomas got his priced at $4.77, which is as strange as strange can be, cos the low for that day was the right at the opening bell $5.10 and the close was a whopping $5.83, over a dollar higher (and by the way, he can't even claim the options are at the US price, cos the 18th was MLK day and the US markets were closed).
The thing is, Trevor is a busy busy dude, being corp sec at Taseko and also working at Hunter Dickenson and Arooraq and Amarc Resources and Continental Minerals and Farallon Resources and Northern Dynasty and Rockwell Diamonds...PHEW!! What a busy boy! So it's my guess that busy busy all over the place that Trev, being busy and that, wasn't hanging at the TKO.to office on the right day and just got forgotten on that round of options handouts. So he sees the filings and gets his "Hey! Waddabout me?" message through to the board who then go "Oh Crap! We forgot Trev in the rush to dole out the cheapo goodies in time.....sorry Trev!" and try to repair the damage. The only problem is that they have tried to do it by illegal means.
You really gotta wonder if this board at TKO.to have their own back pockets as the main agenda at the company...........
The thing is, Trevor is a busy busy dude, being corp sec at Taseko and also working at Hunter Dickenson and Arooraq and Amarc Resources and Continental Minerals and Farallon Resources and Northern Dynasty and Rockwell Diamonds...PHEW!! What a busy boy! So it's my guess that busy busy all over the place that Trev, being busy and that, wasn't hanging at the TKO.to office on the right day and just got forgotten on that round of options handouts. So he sees the filings and gets his "Hey! Waddabout me?" message through to the board who then go "Oh Crap! We forgot Trev in the rush to dole out the cheapo goodies in time.....sorry Trev!" and try to repair the damage. The only problem is that they have tried to do it by illegal means.
You really gotta wonder if this board at TKO.to have their own back pockets as the main agenda at the company...........