Your analysis of the release is right, I just don't for one second believe that he's taken a reduction in pay. IMO he will consider himself as a Director and therefore he will reduce his cash fee (read over the top salary) by 20% and take it as shares - pretty sure he "bought" some a month or so ago which I would be is "in-lieu" of shares rather than him spending additional cash.
Ann: Quarterly Activities and Cashflow Report, page-17
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