Ann: Appointment of Peter Oliver to Executive Director, page-20

It should be noted I had a discussion on another companies threads in regards to performance rights, and in particular these being issued - IF APPROVED!!

I have made and banked good coin on LRS and have been very happy with how things have progressed.

However this announcement and the attached rights wreaks of nepotism IMO.

They clearly should have carried out a lot more consultation with major holders before even putting forward resolutions to vote and then end up withdrawing.

That is a classic out of touch signal.

Also they already have very generous MC related performance rights, are the new ones to cover for the fact the market has turned sour??

The milestones are based on what a mine development company should be doing.

Its like giving shares to Woolworths CEO because the stores were open and making $$$

I felt the MC ones were a temptation to dilute holders and meet the MC target but I can live with that.

I am not keen on what I consider double dipping.

We will meet the MC targets if they deliver the goods on mine licence lodgement, FID etc.

I have no doubt PO is a great Exec to have on board, but the way this has been handled is concerning.

The withdrawal of resolutions is a terrible signal from a corporate governance perspective. The advisories clearly believed not in SH best interest.


Rant over.