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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
When I first saw this morning’s RNS from Patagonia Gold (PGD), announcing the award of 4,000,000 options to the company’s Managing Director, Bill Humphries, at Friday’s close price of 7.875p, my immediate thought was “here we go again”. In fact Patagonia nearly made the debut of my new feature “The Trough”, but that dubious honour goes to Getech (GTC) instead. Awarding a sizeable chunk of options, priced marginally above a stock’s 52 week low, is generally (and rightly) viewed as very bad form. You can imagine the vitriol I was about to unleash on this company. That was until I discovered one fact. In 2013 the directors of Patagonia took over 90% of their fees in shares.
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