espp at agm, page-18

I know a lot of readers are uninterested or just plain bored with this subject – if you are one of those, please read no further.

My thanks to Desperate & Rabbitrap for raising the issue of the Staff Share Purchase Plan at the AGM. I am pleased that they thought the subject worth questions, and had the courage to ask them.

It seems the request for Details of the APG Staff Share Purchase Plan to be released was a NO!!!!!
It seems that the board does NOT wish to be any more open & transparent on this issue, than the minimum required by ASX/ASIC disclosure regulations.



My thanks to Siek for writing up the board’s answers.
I wish I could say that all my questions have been answered – but they have not. Getting information on the SSPP is like pulling teeth.
I will admit, I was surprised to read that the receivers are liable to pay the balance owing on their Partly Paid Shares Paid to 1 cent.

Seik- you posted as being said by directors
• The Shares are issued as fully paid ordinary shares so once they are issued on the payment of the 1c the staff member owes the rest of the money.
• It was stated that the money owed on the ESPP is considered an asset of the company and staff can be forced to pay the amounts owing if, for instance, an administrator was appointed.
• The plan is seen as an incentive for staff to stay. If they leave they have to cough up and when the 10 years rolls over they have to cough up.
• Up until now over all the ten year roll over periods it has also helped fund the company from staff paying their money without giving “easy money” to the staff.


So my understanding of what the directors said was:
---- The staff and directors are legally liable to pay the balance owing on the Partly Paid Shares Paid to 1 cent, that they have recieved.
This outstanding balance must be paid within 90 days of ceasing employment with APG, or within 10 years of the date that the P.P. shares were originally issued. ---

At the obvious risk of seeming pedantic (but there is no documentation about this), Seik can you confirm that I have the correct understanding of this Liability part of the SSPP.
Would you also remember which director explained this Liability part to you.

Your reply on these 2 issues would be greatly appreciated.

Wilcox