Reading through theResolutions today it dawned on me when I read the statement
“The directorsunanimously recommend that you vote in favour of this resolution”
I thought to myself doI care what they think, do I care what they recommend, personally I don’t.
So I though I wouldconsider the resolutions and state what I recommend for myself, not for others,I was merely interested to see how I felt compared to them, fair enough Ithought
Resolution 1 –Adoption of Remuneration Report for the Year ended 30-June-2020
In my Humble OpinionOnly, I’m concerned that most of the resolutions being put to the Meeting areall about getting cheap shares, rewarding everyone except the share holders
Resolution 3, 4, 5, 8 and9
Then I thought aboutthe Directors.
Why would you announcea capital raise at the same time as you released the news of a Marketingagreement, Why would you not let the share price run, The shareholders waited4-5 years for that news. Why not raise money at a higher price its been donebefore at 0.31
Every Capital raiseresulted in a lower share price.
Why would you approvea bonus when the MRSA FDA approval was delayed
Why would you approvea bonus for only one sale.
Why would you approvea bonus when there have been no other CE mark approvals for the EU, I shudderwhen I say Urine module has been around since 2016
Why would you approvea bonus if the share price has halved since the 30th June
Why would the mostimportant sale of an APAS not be marked price sensitive.
My vote will tell theboard that personally I’m a little unsure about how effective they are.
I unanimouslyrecommend that I vote Against this resolution
Resolution 2Re-election of Catherine Costello as a Director
I still don’t understandwhy we have a director on the board since inception, it doesn’t make sense tome. Float at 0.20c now 0.12c and given my thoughts above
Fifteen years really,lets give someone else a go.
I unanimouslyrecommend that I vote Against this resolution
Resolution 4 –Approval of Issue of shares to BB (in Lieu of Cash Salary)
As reported on page 25of the Annual Report the exact figures are
Brent Barnes Salary in2019 was $ 288,000 not including the extras
Brent Barnes Salary in2020 is $ 338,000 not including the extras
So Basically, he got a18% pay rise on his base salary
Then sacrificing 20%to be paid in shares at $0.10c
Does this pass the PUBTest, Does this pass the fairness test
I unanimouslyrecommend that I vote Against this resolution
Resolution 5 –Approval of Issue of shares to BB (in Lieu of Cash Bonus)
Not here to questionwhy he got a bonus but if he wants shares - pay the bonus and let him buy themon market, at least the market will see that the CEO is investing in thecompany
Getting shares (inLieu of the Cash Bonus) at 0.10c
Does this pass the PUBTest, Does this pass the fairness test
I unanimouslyrecommend that I vote Against this resolution
Resolution 7 –Approval of 10% Placement Facility
They go for this everyyear and they certainly utilise it.
IMHO they need to stopdiluting the share holders and better manage the finances and stop going backto the market.
I unanimouslyrecommend that I vote Against this resolution
Resolution 9 – LongTerm Incentive to BB
The AGM is all aboutthe reporting of the previous year which ended 30th June 2020
To have this as aresolution when the share price was 0.23 on the 30th June seems alittle arrogant.
6 Million options withstrike prices so low
Why would you giveoptions for median Level performance at 0.192 or Upper Quartile Performance at0.208 when on the 30th June it was 0.23.
I looked at all the strikeprices and found them all very light on, I personally don’t mind rewarding theCEO but can we make some sales and get some share price appreciation first.
After all his totalpackage for 2020 was $ 420,000 The Victorian Premiers was $203,542 with Expenses of $ 55,484 and he has really had it tuff, so I haveto ask myself, “is someone taking the mickey”
I unanimously recommendthat I vote Against this resolution.
Please......this is in my humble opinion only,
The Resolutions just dont pass the PUBTest, Does not pass the fairness test as far as I am concerned, I guess that's why we get to vote on it.
(20min delay)