I stand to be corrected, as the law may have changed....but if the shares are issued under an "option" programme and the price to be paid is in line with the market price then they can potentially be tax free.
But if the shares are issued at less than market price then the difference is taxable as you suggest. I suppose the company ould gross up the value and pay the tax or the individual may have to pay the tax.
All of this could be made public by PVL - it represents around 10% of the "new issued capital" so is material to the overall value of PVL. But PVL has in my view been very selective in what they say - surely if you want to build confidence back you want shareholder to know that the employees and management's financial interest are aligned.
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