Ann: Appendix 3B, page-32

Just a little bit of false equivalence there I suggest. Chris Cairns took a $100k pay cut at a time that Stavely was a highly speculative explorer with not much going for it but fair enough there's lots of people in CC's position who would not have done that. But in this recent cashless exercising of options that he held that were expiring just after Christmas CC picked up 992,542 SVY shares which at the time were trading at about 29 cents, which means he picked up about $288k in shares. That's not a bad return, turning $100k into $288k in less than four years.

Having said that the majority of shareholders voted in favour of all of these oppies going to board members and the use of the cashless exercise mechanism so I have no issue with them exercising those options using the cashless exercise mechanism. Just don't try to represent that CC and his mates on the board are reincarnations of Mother Teresa.