Ann: Full Year Statutory Accounts, page-40

A cash bonus is offensive given the AVZ's position is worse today than 12 months ago. At least they had an EL then. I have tried to do an analysis on the cost per share of Nigel Ferguson's stock and it seems like it is extremely low. Much lower than the average investor paid.

I am trying to confirm the exact cost and am working on the below assumptions. It would be helpful if the analytical minds on here can give me feedback on whether this is correct, and what I am missing anything.

AVZ 2022 annual report noted NF owned 51m shares and 10m performance rights.

Since joining the board of AVZ (see Director Interest Notices filed) he has purchased 1,728,071 shares at a total cost of $130,236.

NF was gifted 65.2m performance rights (of which 10m remain- see 2022 annual report) and 43.2m were converted for free into ordinary shares.

Therefore, it sounds like during his time as a director, Nigel Ferguson has accumulated 44.9m ordinary shares + 10m performance rights = 54.9m units at a total cost of $130,236 (which is roughly half the amount he paid himself as a cash bonus this year from shareholder funds!!)

If this is correct, it means Nigel Ferguson's cost per share is 0.2 cents.

I really hope I am wrong on this as if true, this stinks. I would be grateful if anyone that does not have a bias like so many on here can check the numbers and provide feedback.