I just finished reading it as well and was taken aback by both the number of performance rights and the low bar for satisfying the conditions.
$300K a year is a giant annual salary for where we are as a company, and the market cap that we have, but i've been OK with it in the past as I've felt they were kicking goals. Having said that, this last year I've been extremely disappointed in the share price performance, the lack of communication, the pushing back of the project timeline, the RuiFu deal and elements of the DFS.
@tacair has covered off on the TSR concerns, but I'm also not happy about:
- FID - last presentation they said FID would be by the end of the year. This is already in play and should have been part of last years performance options. Also, I want it done as per the timeline, not by 30 June 2020.
- 5/7/10 year mine life - What? We are almost certain of a 5 and 7 year mine life. For this amount of performance rights, at least set a stretch goal. Perhaps 10 / 15 / 20 year mine life.
I'll be voting a big fat "Against" to this, and I encourage you to send the same message.
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