keeping the price down, page-14

The package is effectively an options package i.e. it is only worth something to the extent the share price goes up (the loan is repaid out of profit of sale). It is structured as a loan for tax reasons - if you issue options to directors the directors have to pay income tax on the value of the options which in a lot of cases is funded by directors selling shares so I would actually prefer this structure. The company will effectively raise the value of the loan when it is repaid i.e. cash will increase by the value of the loan just as if the directors had exercised options. I am ok with structure and size of the package given the pedigree of the people involved and the very low cash remuneration they are receiving but everyone can make up their own mind