Just had a chat with Chris Reed to express dissatisfaction over the motions presented for the EGM. He was unrepentant. Said that getting the company into production will be a game changer, and that he has worked hard to get the company into this position, to get funding, etc. (Almost as if he hasn't been getting paid all along: did he think he was only there to warm a seat?)
High salaries and signing bonuses are "market" level.
Our point was that the high salaries and signing bonuses are premature.
Hot Copper posters were dismissed as disaffected speculators.
His family are the biggest shareholders, as he repeated a few times. He has borrowed substantially to exercise options at 50c to provide funding for the company. All well and good, but it doesn't make me any happier to see the salary/bonus cash grab. If things work out, he will be rewarded through the share price increase, without having to take from all other shareholders. Our super fund has held onto our shares for many years and I feel our loyalty has been spat upon.
Thank you to those of you who have provided meaningful analysis and commentary on this matter.
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