the big smackeroo, page-12

Interesting that at this crazy panic level the much (& rightly) maligned performance fee of $18m will only buy the RE $4m worth of dilution as they have to pay in shares & issue at minimum $2.50/share quarterly starting 1 April 09. So Company gets back the $18m for issuing $4m of shares. That would give $14m upside compared with AGM report to offset the $20m they're having to stick in to SE Water...