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  1. 4,941 Posts.
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    Hi jfc,

    I'm actually struggling with the McGrath announcement, copied below.

    According to the announcement, McGrath "sold approximately 7% of his shareholding in Uecomm Limited", having sold 335,000 shares on 23rd July 2003.

    To be correct, this would mean that McGrath held 4.8m shares in UEC (pre-sale), and yetd this is not confirmed by reference to the Top20 shareholding list (ie: where #20 held ~600,000 shares @28 March 2003). John Lungren current remains UEC's largest shareholder with ~4.0m shares (ASX/R-280303).

    To be sure of what McGrath actually holds in the way of shares takes some effort, despite the apparent disclosure details included in today's ASX Release (ASX/R-280303).

    In fact, what McGrath holds remains a mixture of shares (perhaps, restricted), Options (certainly, restricted, and well below their hurdle rates), and Performance Rights (also, below their hurdle rates).

    1,266,800 shares are held by McGrath under the 2001 Share Loan Plan, bearing an exercise price of 11.84c.

    2,500,000 options are held under the 2001 (1.0m) and 2003 (1.5m) Option Plans.

    A further 770,713 performance ("rights") shares are also apparently held under the 2003 Share Plan.

    Few, if any, of the Options, however, have currently vested in McGrath (ie: capable of being immediately exercised, with all pertinent exercise conditions having been satisfied). The same is likely to be the case with the Performance Rights.

 
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