Ann: Proposed issue of securities - ASH, page-5

I would usually agree with this comment as senior management often have implicit control over share issuance. In this case, however, RS controls the company and has consistently shown his reluctance to issue shares for acquisitions. I'm sure he has been resisting exec share issuances for some time, but as the company grows and he needs to retain and incentivize top management, this was an inevitability.
Given this, the vesting rights are tied to what I view as strong but achievable growth over the next few years so should keep both management and investors happy.
Further, at today's share price of 68.5c, you are getting a bargain given the earnings still to flow through from recent acquisitions. This is unless you believe the labor government will take an axe to the sector in the upcoming labour market reforms (for what its worth, I suspect they will have some impact and increase compliance costs, but I think the ALP be reluctant to go further given the growing backlash from the business community. Greater compliance may also actually benefit larger, better operators such as ASH as smaller players may be unable to manage/fund the additional compliance costs and still remain competitive).