Ann: Change in substantial holding, page-17

Your point has some merit, however, I make the following comments:

1. A decent remuneration and incentive package is simply assumed for someone taking up a Managing Director role.

I would hazard an educated guess that someone of Mr Seymour’s experience and calibre would have numerous options available to him to to take up management positions in a variety of other companies on similar financial terms.

Hence it is reasonable to speculate there were factors beyond merely the salary package for his decision to take up the MD position at WML specifically. In any event, quality management is critical to a company building value for shareholders.

2. Further to (1) above, in taking up the new role, it appears Mr Seymour has just departed the position of General Manager of Exploration at Ramelius Resources (RMS).

RMS has a market cap of circa $1.2 billion; NPAT in the financial year ended 30 June 2020 of $113.4 million; and per the quarterly to 31 December 2020 had turnover of $178.4 million, $204 million cash and $17.5 million of gold bullion / receivables on hand.

My point of the above is that, while I do not have the precise details available and nor do I know if there were other reasons for him leaving the role, I suspect that Mr Seymour was on a rather good wicket at RMS - both in terms of salary and share incentives - prior to the move to WML.

3. Finally, it is worthwhile noting that the 15 million options to be granted to MR Seymour mentioned above:

a. Have a strike price of 5c - i.e they are not yet “in the money” and as such indeed represent a performance incentive. Material share price appreciation will be necessary going forward.

b. By their nature options do not represent free handouts of shares, and if exercised by Mr Seymour in full will add $750,000 to WML’s coffers - not a trifling amount by any stretch of the imagination.

c. The grant of the options remains subject to shareholder approval in any event. If holders are displeased then they can vote against the issuing - however, in my respectful view attracting and retaining quality personnel is key to the company’s prospects.




Anyway, let us see what WML can achieve with Mr Seymour at the helm. Best wishes to all.