Walgreens Boots Alliance Inc (WBA)

[big-yank]

robb, if you read the S-8 there are 46 million shares being issued to provide resources for the 2013 Walgreens Company Omnibus Incentive Plan as approved by shareholders at the annual meeting. This is an enhancement to earlier award programs previously authorized but not issued in prior years which I estimate at another nearly 10 million shares. That's a lot of vigorish for employee rewards! The 46 million new shares will definitely be dilutive, as issued.

Let's see... $2 billion in potential employee share awards... that's like over 2% of total revenues, not profits. Unless I am missing something, or unless the shares are doled out over many, many years, THIS IS INSANE!

GLTA,

Yank