partly paid shares, page-65

Wilcox, u should be congratulated. What people forget here is that issuing shares cost shareholders money.

I have said it for a long time that they should be issuing options out of the money as an incentive to get things done and drive the shareprice. If the options vested in 3 years (like they do with most asx listed companies), I'm sure we would have seen the plant operational a long time ago.

Have partly paid shares for 10 years, basically gives the recipient a free call on the stock without a sense of urgency. Little wonder APG work on APG time. They are 10 years to achieve a result. I also think u will find they do not pay the 1c initiallywh en the stock is issued.

Whata. Deal they have. MT is paid a fortune considering the size of the company he is heading. Not only that, he received partly paid shares, not at a premium like other companies issue director options, but at an actually discount to the prevailing market rate. And then they have 10 years without having to pay for them and can simply wait to see if they can make anything out of it.

Pay me a great salary, give me a 10 year interest free loan on shares acquired at a 5% discount, guarantee I won't need to pay it unless I make a gain! and basically guarantee I cannot lose on it.

Sounds ridiculous doesn't it. But shareholders are happy to look past it because MT has truly delivered over the past 15 yrs. he has only lost shareholders what 80% of their share value. What a gig. And with such great shareholders who allow it to happen and pressure other shareholders to not make a fuss and mT accountable, well can it get any better for a director? Calling out to all asx listed directors out there...the best gig in the market is right here. You will never lose your job. In fact we will continue to reward you without any benchmarks at all. Destroy shareholder value....it's ok....as long as you give it your best and give us hope for another 12 months.