Ann: Notice of Annual General Meeting/Proxy Form, page-2

So am I reading this right?
Whilst CTM has had a roughly 50% fall from its high of $1.59 they want to give Non Executive Directors a 50% increase in salary. Doesn’t that sound a bit rich?
Also, there’s a 3 year assessment period for the zepos toll December ‘25 (see below)
The zepos will be issued based on relative TSR to the “peer” companies listed below.
Googling TSR it basically says it’s one or both a measure of dividends or/and capital gains. Now we won’t be in production until well after the zepos vest so we can only be compared on capital gains and we are coming off a fairly low base (around $1.12 Jan 1st) from our previous high of $1.59 so it’s once again very much in their favour. Also, they will vest immediately in case of a change of ownership so is that an incentive for them to take a deal at any price? Even a lowball offer? It all seems very ambiguous and in their favour just like the last lot that was issued and the benchmark suddenly changed.
IMO TFP is right. This is starting to look greedy. Surely once shareholders are rewarded you then reward yourself?





Also issuing plenty of Zepos.