Ann: Notice of General Meeting/Proxy Form, page-59

Unfortunately I am with Chris (and others) on this one - this is shocking timing, and the structure of the performance hurdles is laughable.

They will get the votes for these performance shares (as us retail punters will have zero chance of overturning the vote), but they have clearly had very little regard for retail shareholders when they structured the (lack of) performance hurdles to achieve this huge amount of shares.

Where is the profit performance hurdles to go with the revenue hurdles - as $80m in revenue means very little unless it is profitable revenue?

Instead, they should have continued growing the revenues, been cash flow positive for a few quarters in a row, got the new plant up & running with the new machinery, shown improvement in the gross profit margins / nett profit margins - and then asked for this large amount of performance shares. I would have supported them then.

I thought Wilton was different to JAT's previous management - but clearly not.

Every time JAT feels like it is getting some clean air - they issue a huge amount of shares at either massively discount prices (or for free).

I have been a big supporter of JAT, and have continued to top up at these low prices - but this announcement has stunned me.

IMO, the market will punish JAT again for this - just as it was finally starting to get some "clean air". Can't see the 6c options being in the money in time now