Would you like to clearly and consicely explain it then gassy
PLEASE
Perhaps you could start with explaining where crispy pork is going wrong by highlighting these things and indirectly if this does get called down he will have done you a huge favour
Dont suppose he could expect a thank you if it does either
as in
Just had a chance to read the AGM resolutions. I'm not sure if I've come across a resolution as disgusting as Resolution 7. What on earth is that all about. To pass on that resolution would be to give the company the key to pay themselves above and beyond what they can at the moment.
Without going point by point, line by line, just read the first section on ESOP on page 22. Basically, they want to change the constitution so that management will be able to issue (i.e. give themselves) 10% ESOP. This is DOUBLE, the current 5% ESOP ceiling placed by the Corporations Act.
To makes matter more concerning, see page 23 regarding the two changes to Clause 68. What is important to note here is that, currently the Non-Executive directors share a total of $300k salary in aggregate. This is why options are valued in the resolutions (so to ensure they do not exceed the total remuneration) - see Black Scholes blah blah blah. The proposed change would mean that whatever is given through shares/options/other security based payments will NOT be included in the total aggregate of remuneration. I.e. UNCAPPED shares galore.
If they thought $300k was too little amongst two non-executive directors, it would have been much better to propose a raise in that total rather than a whole uncapping of the ceiling. What on earth... This resolution is INSANE.
This resolution #7, is reason enough to question what in the world is going on with the Board of Management on the commercial side of things.
I have always praised the credentials of our board in their scientific and healthcare pedigree, but this has got to be one of the worst AGM Resolutions that I have read in all my time with the ASX. Absolute Joke.
Or anyone else in here for that matter
Well done Crispy for highlighting this for all to see and place this front and centre as Deano says post of the month
CRISPY YOUR DD IS OUTSTANDING
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