Thanks, Bridge. But if you read it carefully, you will see that the options are given voting rights without being exercised into shares first.
Shares that actually exist are shares. No quarrel with that. Unexercised options getting a vote seems somewhat irregular in my eyes. A vote without any skin in the game, so to speak.
To include those options as votes in voting agreements that then make them all vote "yes" seems like little more than stacking the deck. It simply amounts to buying votes to strengthen ARMZ's position to the detriment of shareholders who might oppose it.
ARMZ and UUU have repeatedly told the market that they would honour minority shareholder rights but in doing this sort of stuff, they seem to be disregarding those rights. Here in Canada, a vote is a vote. One man (or woman), one vote. One share, one vote. Stuffing the ballot box with "created" voters is generally frowned upon in most forms of Canadian governance.
And to really sweeten the pot for the option holders, out-of-the money options will be paid out in a year. Geez, full exposure to the upside preserved for option holders but not shareholders. I can see why there were concerns by certain board members about conflicts of interest... Those that abstained have over 1,000,000 options each.
I suppose they would argue that they are honouring their fiduciary duty to represent the interests of the majority of the shareholders (and preserve minority shareholder rights)...LOL. This minority shareholder is getting more and more disgusted the more he looks at this whole thing.