I did a little summary of who contributed what to see if it would give an indication of what the directors are thinking - and its really mixed.
| Director | Shares held prior | Shares purchased | Amount |
|---|
| 1 | Carmen Letton | 89,090 | 40,000 | 12,400 |
|---|
| 2 | James McKerlie | 96,727 | 3,225 | 1,000 |
|---|
| 3 | Paul White | 513,368 | 246,850 | 76,521 |
|---|
| 4 | Paul Schubert | 3,613,460 | 322,580 | 100,000 |
|---|
| 5 | Simon Wandke | 33,509 | 21,713 | 6,731 |
|---|
On one hand, you have the Chairman, James (Jim) McKerlie saying in the ASX announcement on 20 June 2024 that:
“I am happy to advise that all directors, the CEO and CFO are participating in the offer; we all believe in
this Project and are using our combined experience and skills with a view to ensuring that the Project is
a success with maximising shareholder value at top of mind.
“On behalf of the Board, I encourage every shareholder to carefully consider participating in this offer
and to take full advantage of the value proposition presented......."
And then he goes an only contributes $1,000. Was that only so he could say that all directors were contributing? Surely he could have kicked in at least one month's salary from his $150,000 annual director fee for being Chair?
And then on the flip side, you have Paul White and Paul Schubert, who have contributed a meaningful amount that shows confidence.
It's hard to tell what to think from this mixed response - other than to say that I think shareholders deserve some explanation of the contrast between the Chairman's comments about all directors participating, encouraging shareholders to take full advantage of the value proposition presented, and then only contributing $1,000.
(20min delay)