Former holder here (and some time ago now), but still have stock on my watchlist.
Saw today's announcement so had a bit of a look.
Alain was employed with CFO from 10/7/17 (that was the day it was announced to the ASX anyway).
Announcement stated his salary would be A$100k, would be subject to periodical review based on tenure, and he would be eligible to receive shares under performance milestones (with some of those being related to a share price above $1).
30/10/17 announcement advises his salary was now USD$150k.
Gone up $50k in dollar terms, as well as the benefit of getting it in US$ as opposed to AUD in the space of less than 4 months.
Those 500k shares he got were only voted on at the AGM about 40 days ago.
I wonder when the Board worked out he was no longer required??
I don't think any of this was Alain's fault but the guys in charge at Board level probably needs to start showing they have shareholders best interests at heart as a very high priority.
May well have been shown the door given I saw the word redundancy in there somewhere.
Having a look at the last 18 months of announcements, there have been a lot relating to board, management and key personnel changes.
I would be pretty angry if I was a shareholder, especially about the dilution in this situation, and would be wondering if they are going to continue down this path.
CFO Price at posting:
16.0¢ Sentiment: None Disclosure: Not Held
