Ann: TTE 2013 Annual Report , page-44

Desmin, Good post.

It would not surprise me to find that part of the discrepancy wrt admin cost excesses may have something to do with the AGM held 8 November 2012, where resolution 9, the details of which are outlined in the explanatory statement that forms part of the notice was voted in.

This has to do with the “Bonus Pool” for Directors and staff and covers the amount per barrel skimmed off as incentive. It is $2 per barrel over 10,000 barrels and $3 per barrel for a subsidiary of Titan which just happens to be the American projects. This covers a 12 month period so anything over the 10,000 barrels attracts the bonus which includes the first 10,000 barrels.

Unless I am mistaken completely, this accruing tidy sum may to some extent form part of what others are saying about admin discrepancies and if so the Directors are probably feeling no pain wrt the floundering sp which is at our expense.

Just my thoughts but my personal view is that if this is the case, then financially they are not cutting the coat to fit the cloth; rather they are making a meal out of the current meagre spoils produced and therefore perhaps this resolution, given their current normal remuneration may have been premature in nature.

Regards.