appendix 3y, page-5

maybe this a paper shuffle for him. As T4P suggests they are on bugga all cash salary. And, I may have the bull by the tail here, but wasn't there some clause that you had to convert unlisted ops to heads to qualify for the loyalty issue ?? That means a man on no salary has to convert his ops to shares then pay even more to get his loyalty ops. Perhaps this was his plan to maximize his net holding. A bit of a temporary cash shuffle and then sell some at the end to pay for it.

Did you get a load of the old geezer in the london board meeting photo ?? He looks the ultra conservative type and probably has never used borrowed money in his life to hold shares.