Ann: Half Yearly Report and Accounts, page-128

JW receives more than 50% of the dividend personally and unencumbered as he is also compensated for the tax on the 50% of the dividend that goes into the loan at the highest personal marginal tax rate of 48.5%.

Further, the amount he receives from the shares is not shown in director remuneration in the directors' report in the accounts. What is shown is half that being an Accounting Standards notional remuneration amount of about $183k p.a. being the 10-year amortisation of the Black Scholes calculation of the shares at $1.833m as under accounting standards the shares are required to be accounted for as options. The thing is that the accounting standards are deficient in this regard as the shares are actually issued and the holder, JW, receives 50%+ of the dividend.