according to the 2010 Annual Report, John Heugh's remuneration package in 2009 FY was $558,962 (this included $32K superannuation and $111K as the value of the share options he was granted). In 2010 FY, John Heugh's package was $404,170 (includes $32K superannuation).
No options were granted (that could be that he may not have met the annual performance hurdles set for him by the Board; Askin appears to be in the same boat - with no options granted in 2010)
John Heugh held 5.7M shares at end of 2010(having purchased the princely sum of 19,890 shares under the renounceable rights issue ... I assume that he sold the balance of 2.8M renounceable rights that he was entitled to ?)
Also note that Askin took up all shares (1.2M) that he was entitled too under the renounceable rights issue in 2010. Askin did the same in 2009 according to the 2010 Annual Report. John Heugh did not.
Also, John Heugh held 7.5 million options (having disposed of 4.5M )at the end of 2010 FY. Note that he was granted 2.5M options as part of his remuneration package in 2009 and none in 2010 FY.
It seems that 2010 FY was a revolving door at CTP. I had not noticed this before, but a number of executives working to John Heugh left the company within a year of joining CTP - four of the 8 most senior executives working for John Heugh left. Why ?
Why the above focus on John Heugh's remuneration and shareholding ? Well, just to show that the Cottee package which is now subject to so much criticism is not too different to what John Heigh was on (except for the signon bonus). I'm not sure we've seem the full terms of John Heughs employment contract ? (no doubt that will be made public when his case against CTP comes to court)
There has also been a lot of muckraking around Askin not taking up his full entitlement in last years share issue. It seems like John Heugh did the same in a previous year. From the annual report, it looks like he did not take up the full 2.5M share entitlement under the renounceable rights offer in 2010 FY... taking up a mere 20K of the 2.5M he was entitled too ... I assume that the balance was disposed of.
That from the 2010 Financial Report ... haven't reread the 2011 one yet.
(PS: I recall seeing somewhere that Hallgren was on a salary greater than $350K ... CTP pays ALL its people very well... but then again ... "if you pay peanuts, you get monkeys" )
Hope that helps to put things in perspective.
CTP Price at posting:
45.5¢ Sentiment: Hold Disclosure: Held
