Two senior Macquarie bankers have disagreed over whether former Nuix boss Eddie Sheehy’s options were valid during a period when the investment bank was gearing up to put millions into the Sydney-based tech company.
for the trial, and told the court on Wednesday he hadn’t considered the options “exercisable” when appraising the business in 2011.who still sits on the Nuix board, told the court the 11 per cent holding would have been considered at that time.
Mr Standen, who joined the Nuix board in 2011, said because the business hadn’t been sold he had assumed the options were “no longer exercisable”. “I should have corrected it, or it should have been drafted in a different way,” Mr Standen said in the morning.In the afternoon, Mr Phillips told the court the value of Mr Sheehy’s holding would have been considered in 2011 and were considered when Macquarie Capital invested $20 million in 2016.Mr Phillips remembers first talking to Mr Standen about the options in 2016, but “until that point I’d assumed [the options] were still valid”.
Nuix shares shot up after the float in December but went on to plunge from a peak touched in January, costing investors more than $3 billion.he should have been able to take advantage of Nuix’s explosive share price through his options.