no brainer, page-12

"Exessive issue of "performance" shares. A Director on base Salary of around $400,000 (more than our Prime Minister), should be able to do the job he is paid to do. If he can't then get someone who can!
It is my opinion (note opinion) an extra 50 odd million shares (@ 0.42c ( Hartleys) or $25 million (give or take a few hundred grand) in bonuses is excessive."

This is something that I have looked at too. And my thoughts here have been of a somewhat similar view. It does seem excessive for a company not even yet in production. It somewhat actually gives me a little more confidence in what PEN is about to acheive, given such a recent boost in salary.

But I think its important also to look at what PEN are doing. You would think that if Gus was just here to milk us, and feed his piggybank with our money, then they wouldn't be ramping up the drilling just to burn more capital quicker, would they. They would be doing as little and as slowly as possible to conserve cash and their bankroll.

This is not happening, far from it. Don't forget gus is also the largest shareholder in PEN, unless its changed recently. So he of all people would want to see Production as soon as possible.

Ironically enough, I have seen alot of companies where not long after directors have increased their salary substancially, the company then takes off. I hoping PEN is no exception.

p.s. You cant have any of my shares!!

NK