Ann: Appendix 4E and Audited 2017 Financial Report, page-31

You are correct, @steve20286.

Across the 5 directors; each was given - on an averaged basis - $100K in cash, with a further $200K in 'other benefits' (presumably bonuses), which is completely stock standard for any other spec-stock.

The other $10M was provided in the form of 'ONE OFF' share performance rights that were exercised during the period because the company reached a key milestone - successfully launching its first 3 nano-satellites. As you have stated; this $10M does not impact the company's cash position.

In fact; excluding this 'once-off' performance rights issue, cash outflows for the previous quarter were actually: $(3,265,352) - refer to page 45 of the report.

Moreover; these share performance rights have always been disclosed and available for the market to view, together with the key milestone that needed to be achieved in order for them to be exercised, stated too. Hence, this should be no surprise to anyone.

Look back at the quarterly announced one month ago, the company anticipated cash outflows for the current quarter of: $(3,409,000). In other words; cash outflows across the prior quarter and current quarter are not expected to change, materially. Add in that the stock issuance was for 'once-off' performance rights being exercised, with management not able to exercise the remaining performance rights they have (which is a very small relative to the amount they just exercised) until the next key milestone (go back to prospectus to see what this milestone was).

Overall, salaries of the directors next year will once again show modest $100K salaries with potential bonuses of $100 - $200K. BUT THEY WONT have additional performance rights - so the crap people are postulating that management are getting paid more than the CEOs of the big banks and consecutive annual salaries of $3M, is complete crap and simply false.

The report, overall, offers no new information over and above what the quarterly offered - except for more in-depth company financials and remuneration numbers. Nothing new to see; the company is tracking on nicely - sit back, relax and enjoy the weekend.

Rest assured, the fundamentals of your investment in SAS and the normalised salaries of its directors, HAVE NOT changed because of anything released in this report.