I am more cynical than you @Kanems
It looks to me that the company is conserving cash and paying directors with shares (possibly without their approval). With the obvious exclusion of the CEO who will be taking his lions share in cash, I think it stinks. I have seen companies do this before and 9 times out of 10 it's a signal the end is near.
If directors want shares the can buy them on market, this type of issue at almost historical lows is an insult to existing shareholders and as such I will vote my pittance of a holding in the negative for those resolutions, along with resolution 2.
Ann: Notice of Annual General Meeting/Proxy Form, page-3
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