Ann: Notice of Annual General Meeting , page-18

For what its worth, I view the "Ord share plan" resolution as an absolute disgrace.

However let me add something here. The no interest, non-recourse loan is secured by the value of the issued share. There is no condition stating that the allocation cannot be sold below the exercise price and thus recoup the value of the loan, however the chance of this happening is near impossible. This is because the holder must repay the value of the loan and the loan is secured over the sale price.

So, while the allocation is still a disgrace the directors can only sell their Ord share plan shares above the exercise price in order to repay the loan. To make any money off this the SP would have to be substantially higher than the exercise price which is only going to occur if the business performs. Even if the issue/exercise price is done below the current share price the SP will fall to around the issue price due to dilution, so I only see this working in the favour of ORD employees if the SP is substantially higher.

The BOD at ORD have got this completly wrong. Its the wrong structure, at the wrong time, in the wrong environment.