Boy, now sure would be a good time for some positive news.
At the risk of repeating myself, the negative reaction to the proposed option amendment seems to be directly related to many shareholders' current lack of trust in management. The lack of trust seems to be directly related to a perception of unfulfilled "promises" or, more accurately, inaccurate projections respecting break-even and enterprise adoption. Management prognostication skill aside, however, I don't get the sense that many here doubt that Wave is well positioned to take advantage of the enormous demand for data security and that great things are likely on the horizon.
A question to those who plan to vote "no" on the proposed amendment: Would you feel the same way if today Wave announced that they had closed significant enterprise deals and achieved breakeven? Would you forgive management for being a little off on their prediction and regain enough trust, as the share price doubles and then triples, to believe that management would not abuse the option pool they are asking us to approve? If not, what would it take to regain that trust, or is it gone for good?
Call me naive if you will for not seeing some hidden agenda in this request to replenish the option pool, but aside from the mere mathmatical potential for abuse, I see no reason to suspect it, much less expect it. What I see is a group of people frustrated with the performance of their investment and the lack of long-anticipated news who have been handed the tool to vent their frustration at management. Delivering a message may well be useful and appropriate, but I don't think a "no" vote is the right tool for the job, even if its handy.
The above is just my opinion. I realize I could be wrong and I respect the opinions of those long-time shareholders and posters who disagree. But I worry about the damage to Wave that might result from the rejection of the option amendment proposal, even if the proposal is imperfect. The reason I'm not worried about management handing out 500,000 share options right and left, leading to the dilution of my investment, is that I don't see their incentive, as rational business people, to do that, and I still trust them. Others may not share this trust today, or they may simply be frustrated and see a way to vent that frustration. But if Wave never handed out huge option grants under the existing plan when they had the authority to do so, what has changed to make people believe they will do it in the future?
Cheers,
Dory
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