Ann: 2023 Notice of Annual General Meeting and Proxy, page-6

I don't believe it would be accurate to claim that the directors intentionally allowed the share price to decline over the past year to facilitate the adjustment of an Employee Share Plan, enabling the issuance of additional shares at a lower price.

Instead, I attribute the downward trend in the share price more so to Jansen's selling activity, rather than any conspiratorial motive on the part of the directors to establish a lower VWAP.

Furthermore, it's important to consider the performance rights in this context.

These rights only convert into shares when specific conditions, as outlined in the vesting conditions (schedule 2), are met. There are also provisions for lapsing or modification of these rights.

The alternative to this type of plan would involve providing cash compensation to meet the market, which may not be subject to specific conditions or tied to particular outcomes. I am not sure that is a better outcome.