Reading through Resolution 5 & 6 in the Notice of Annual General Meeting and was wondering what people think about the issue of performance shares to PJ & SM. In total they will receive 10 million new fully paid ordinary shares between them for the achievement of the following two KPI's.
The first tranche of xxx shares will be awarded upon obtaining a mining right for a large scale mining operation in the Waterberg; and
The second tranche of xxx shares will be awarded upon obtaining a project funding facility or an equivalent alternative that would enable an open pit coal mining operation capable of producing in excess of 10 Mtpa to be developed on the company’s Waterberg tenements and which by their nature will include the completion of a bankable feasibility study.
The cut off date is September 2012 (effectively 3 years from now) which is fine considering the estimated timeline of events suggests the BFS and project finance will be secured by late next year.
GO RES GO.
RES Price at posting:
55.5¢ Sentiment: Buy Disclosure: Held
