Ann: Notice of Annual General Meeting 2012 , page-5

Just to be clear, we are talking about resolutions 5 & 6 for the grant of performance share rights to Alistair Cowden.

see p.14 of the ann.

The performance conditions are the key, and these are on p.9 of the ann.

As far as I can see each of the milestones in Tranches A - C inclusive are absurdly easy to achieve.

It makes you wonder if something else has been going on with the SP suppression, as gaining 15% increase in the mid 2012 SP is hardly a stretch.

But the worst one is definitely Tranche C.
$150mil for 100% sale of the project? This is a reward for almost giving the project away? What about dedication to maximising shareholder value??

This isn't just bad timing, they are setting the bar for reward so low, it is almost reprehensible. Indirectly it is endorsing a very low return to investors.

Interested in the comments of some LT holders. Snooker?

DV