Just home from the pub after a hard day on the tools and read through the resolutions for the AGM. Nearly 39 Million shares and options to be dished out.I do not mind performance based incentives but the BIG slice of shares are a give away. Resolution 7. Giving Mr Shortall 10 Million shares for past work is wrong. He has been adequately compensated during his working term. Resolution 12. A deal is a deal. If the FOUNDATION GROUP did not cut a good enough deal for themselves at the time bad luck. Let the matter be decided in a court of law, we do not know the whole story so why should we be even asked to vote on this in the first place. 20 Million shares is not chicken feed. Resolutions 5 6 and 8 are OK except for the fact that we are voting to WAIVE a crucial performance hurdle. That is that they must stay in the job. If these people leave the job for ANY reason they still get these options. Resolution 9. and 10. Most of us get 4 weeks pay for every year of service if we get retrenched. These termination payments are extremely generous. My thoughts are if you want to protect your investment Res.7 and 12 should be definately thrown out and the others I have mentioned are very greedy. I am a believer in the product but at the moment am a little tired and a lot angry and dissappointed. GREED IS NOT GOOD and niether is 20% dilution of your stock.
UNI Price at posting:
23.0¢ Sentiment: Buy Disclosure: Held
