Ann: Quarterly Activities and Cashflow Report, page-4

Frankly I am not sure I read it like that. If you remember there was a bit of confusion on how to interpret the initial announcement.

Some people went as far as interpreting that the board would take a 20% reduction in fees, with the remainder (80%) to be paid out as shares in lieu to preserve the company's cash position. How naive.

Now we know that the previous announcement meant the board was swapping 20% of fees for shares in lieu, so they were still being paid the full amount the whole time, with a component in shares rather than cash.

And with today's announcement they are amending this so that they are indeed being paid out their full fees (100%), with the after tax value of 20% of their being committed to purchasing shares on market

So to sum it up, directors NEVER took a pay cut, but as of today commit 20% of their after tax fees for the past 3 months to purchasing shares on market (not sure when)

Happy to stand corrected if my understanding is incorrect