If NST cut back the SPP allocation they are probably morally obliged to also proportionally reduce the proposed $5m director allocation. In addition it would be a very bad corporate governance look if they cut back the SPP on the basis that 'additional capital is not required' but still allocated full amount to directors...No doubt would trigger difficult questions at AGM approval. Based on past performance I believe directors in this case will be keen to place ethics ahead of greed.
Ann: Share Purchase Plan Offer Open and Offer Booklet, page-215
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