Ann: Notice of Meeting, Executive Incentive Plan and option issue, page-106

On a 12 month basis:

The 15% doesn't need approval.

The additional 10% does and that was sought at the last AGM.

Hence the insto placement at 11c.

IMO should have been put up for vote again as it is an option for finance and quite frankly I think it is a mistake to assume there is enough dosh to get through the next round of drilling. Yes us retailers could be offered a SPP but lot more efficient to go to the instos and let them stump up at hopefully a higher price.

Was a bit off last night but think this thread is a beat up over nothing. These types of incentive plans are common as grass throughout company governance policy and are based on agency theory which attempts to align the interests of management with that of the shareholders. This is a reasonable one because it attempts to incentivise and reward management by achieving certain benchmarks which will benefit all shareholders as a whole including management themselves.


IMO etc