Team FAR, page-4

Hi CV,

"Cath retaining reward shares.

A VERY important factor in the options play!"

I've now spent some time reading all the posts/opinions/arguments surrounding management with all their option, exercising thereof etc etc and then I also note your comments above.

With that, I decided to backtrack on all the history of FAR shares on issue, options issued to management, exercising thereof and "skin in game". I backtracked to the Appendix 3B dated 5/4/2012 (round about the date that I first acquired shares in FAR) .

The issue of options over this period tells a very sad tale and those who like to "jam" up management for splendid work and that they deserve each and every option issued to them, I urge those to do what I've just done to get a clear picture of what has transpired to date. (We should not forget that these people earn very decent salaries.... and I'm quite content with that..and I believe they are fully worthy of these salaries... unlike other CEO/management from other companies who does sweet %^& for huge huge salaries.).
But that is where it stops. I recall that I voted against the continuous issue of options (to me it was clear feathering one's bed and I stand by that) especially the 62 million options that were awarded in 2013 at 4.4c.

The continued and relentless awarding of options still continue and I now cringe of the thought (going on their modus operandi) that another huge award of options are not too far off. I SAY NO MORE OPTION!!. They've feathered their beds with another 628 million at a measly 10c p/o when DOC is achieved with a exp date in 2018... Now wondering on what basis/excuse further options will be issued.

When I bought into FARthere were 16,050,000 unlisted options (at 5c, 10, 7c &18c ... can you believe it).. FAR not having performed as it ought to have, all 16 mil odd lapsed. But with these lapsing option millions and millions more were awardec at much lower exercise prices .... e.g..69 000 000 @ 6c; 62 000 000 @ 4.4c (CN now exercised 14 000 000 of those) and another 68 000 000 @ 10c.

So, in the past 4 years (apart from the 16mil odd which had lapsed) 200 000 000 options were issued to a very few people (on top of health salaries)

Talk about retaining rewarded options and skin in game... well the tale is a bit "sorry" in that regard..

You will recall that CN exercised 20mil (@ 6c) options in June 2015... Of these options exercised, CN "retained" only 3,840 000 (free carried so to speak and not costing her a cent).. Prior to exercising, by my calculation, and up until June 2015!!! CN only held 574 417 shares in the company. ( some 359 673 shares enterd the basket over time that i'm not sure about).. In short... that can never be seen as having "skin" in the game. Only now, now that she exercised those 14 000 000 at a cheap 4.4c options, she holds some "skin"... but this as of 24 March 2016!! Does that qualify someone as having skin in the game.. not in my books.

Equally Clube held 1.5mil shares with some 30mil option.... so no one had skin (to speak of) in the game at their own expense. They have been riding this "options train" quite nicely... Reg Nelson... joined quite some time ago now, and with all the accolades showered on him, .. I note that he only holds 300 000 shares... big believer?? hmm?? and then many million options issued in his favor straight away... while noting he is merely a board member. .. again the options game having been used to the benefit of their own feather beds.

So I'm not sure about the "VERY important factor in options play"... the absolute contrary proves to have played out over an extended period.

Last time, just after the "gang of few" exercised their 63 000 000 at 6c (not sure how many of those had actually been retained by any of the "gang of few" as we know CN sold 16 160 000 straight away) they proceeded DAYS! later (something like 6 days) to immediately stuff and replace old feathers in the feather beds with all new 68 000 000 options.

I say enough is enough (200 000 000 in a 4 year period for a very few people... think it must be 4 or 5 at most)... NO MORE OPTIONS!

I'll oppose the issue of further options because they've now issued 68 mil on basis of DOC being achieved. I'd hate to see, the sudden award of further huge number of option... specially because of the prospect of T/O moves by industry members being anticipated in the future... and THEY do anticipate such moves... as per discussion at IP.

Final analysis... I'm definitely not happy with the way in which the "gang of few" have utilised the Options PLay... it was exorbitant... but it is what it is and we have to accept that. We have very capable management and they're doing great work... I draw a line when great work, by a capable management group is being muddied by a modus operandi which sends out a contrary message ...OK.. so their beds have now been truly feather and stuffed... if they succeed in their endeavours, they will al be very very wealthy people... Time to stop feathering the bed and now works towards a goal common to shareholders and management alike.

NO MORE OPTIONS..