Ann: EGL Trading Update, page-5

Apologies Longreach, I don't mean to come across as a downramper.

My point is about the performance rights being issued. "Show me the incentives, and I'll show you the outcome" someone much smarter than me once quipped (Charlie Munger).

I agree with your comments that the company clearly needed a turnaround, and new management seem to be doing it. But, the incentives they have is increasing top line adjusted EBITDA - not the EPS you reference. If EPS was their incentives, I doubt they would be as aggressive on the acquisitions, nor as aggressive on the shareholder dilution. I would be happy to pay management a huge compensation if they are providing me - the shareholder - with excess returns. But to my mind, the management's performance rights are not structured that way. If was a shareholder, I'd be keeping a very close eye on what the next round of performance incentives are.