Ann: Annual General Meeting Information, page-6

I suspect most are not happy, but it’s incredibly hard to get a 50% no vote for anything in the small cap space. I was very surprised the NED performance rights were voted down last year.

They didn’t listen to the feedback after the 2022 strike and vote and instead pushed on with the same generous performance rights strategy that had them as outliers to their peers. I fully expect they will do the same this year, possibly with the exception of performance rights to Pett and Condi- if you look you’ll see they usually try sneak them in every second year so they’re due, but surely they won’t try it again. I suspect the previous strategy of every second year had been to try make us think they listened by not doing it the following year, only to hope we’d forgotten come the second year.

If Spinks is issued more performance rights it’ll likely be at a 10c or 12c vesting price based upon previous years where falling share price has been rewarded with lower and lower performance hurdles.

I cross my fingers they’ve listened to feedback, but I highly doubt it and fully expect the yearly phone call where I’m told how great a job they’re doing and how underpaid they are.