Clinuvel

DenzelWash

Well-known member
So could the following be the path for the OTCs release? With CUV156 prem results for the 16th of May and CUV151 prem results as for the 20th of May the CUVA1 program will start from June on. 3 months later CUVA2 steps in with a „soft“ release of the first OTC within the highest risk groups. After completing CUVA3 and just in time with the final results of the both previous mentioned DNA trials the public launch will happen by spring time next year? That would mean we should be able to see at least some activity on SoMe or somewhere else from these ambassadors starting from June…there’s no way 60 people can hide from Mac forever😁
 

jp66

Active member
Important to mention that performance rights are a massive headache from a tax perspective. Not sure what country PW pays his personal income tax in, but in general aussie execs spend a chunk of their cash salaries to pay the tax man for performance rights vesting, classified as a CGT event. Absolute headache.

@killipso35 is right on the money with the share purchase. Post 15316 for reference.

I know an ASX20 CEO well critiqued for their pay who spends a genuinely average amount on living expenses for their family. Almost all cash covers PR vesting taxes every year. It looks very different to most shareholders however, and there are always complaints. Always. PW is in the same boat. The small purchase is just a very clear message, not an investment.

On the subject of buybacks, it's an internal model for companies. CUV doesn't have the cash for buybacks either, with their planned expenses. Bluescope buying back at $11 a share was fundamentally sound, but i'd rather CUV get a great ROI through preventing cancer and making it look like I get sun :)
 

johnnytech

Moderator
Staff member
but in general aussie execs spend a chunk of their cash salaries to pay the tax man for performance rights vesting, classified as a CGT event. Absolute headache.
Negative. Vesting is an income tax event. CGT doesn't trigger till future sale. Further, Philippe lives in an income tax free jurisdiction. Whatever mess there is, doesn't impact financials we care about.
 

Klomp

3rd Longest Active Member
@Johnny H That doesn't matter. What matter is where he resides for more than 180 days in the year. However, performance rights operate a bit differently. If he was residing in Singapore when the rights were first awarded (but unvested) and for a period of the performance period, then technically he may have to pay some tax in Singapore. But Singapore is almost a tax haven too. I don't think his tax bill is onerous. I think his standard of living will be the main draw of cash.
 

jp66

Active member
@johnnytech The point stands, execs use a lot of the cash component to pay for PR vesting in Australia. Did a ~15k return hike with pack & 10 hours of driving, so excuse my error...

@Klomp 20% rule of thumb usually. Why do I get the impression he lives in Switzerland though?

Just bringing the point up because most investors misinterpret sales as the director choosing to sell instead of being forced to in order to cover tax obligations. Can significantly change the investor's assessment.

I think they avoid the use of the word tanning completely because they are now going for the OTC angle of health benefits vs. cosmetic? Will reread today and post again.
 

killipso35

Well-known member
@johnnytech Correct, when share options vest it is an income tax event not a CGT event, but that is far worse. Unlike CGT which after 12 months of owning the asset wins you a 50% discount on the tax rate (making the typical well planned CGT tax event a 15% proposition), the effective tax rate for vesting options is going to be about 44% for anyone who is already on a decent salary. And unlike a CGT event, there has been no recent sale of any asset to help pay the bill. For anyone earning themselves a parcel of shares which is significant relative to their income, the most common way to pay the bill is by selling 50% of the shares immediately after they vest. This setup makes it difficult to have an employee share scheme (ESS) in Australia that employees can give a damn about. Actually it generally pisses off employees when they realize that when their options vest, they are going to be in financial difficulty paying tax the ATO.
 

Verharven

Well-known member
Share price holding up well as up 2% when the ASX is mostly flat and still seeing a 100k to 50k buy and sell depth respectively so certainly has turned around in recent times as was the reverse on the way down. Would be nice to see the last two days begin to reflect in a decline in short positions later in the week.
 

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