Ann: Application for quotation of securities - NRZ, page-2

Wakey wake, guys. Don't go to sleep at the wheel. You don't want to get caught with your pants down, do you.

Here is a little bit of trivia to keep you focused.

Remember these - NRZAT : OPTION EXPIRING 25-JUL-2027 EX NIL

On 27 Jul 2022, 4,845,000 of the above options were issued,

These will result in "Ordinary Shares issued upon exercise of options at zero exercise price under the Company's Employee Share Option and Performance Rights Plan."

"No key management personnel or an associate was included."

SP at that time was approximately 15.5 cents. I bet that they were as happy as a pig in mud.

Unfortunately, from this time, 27 Jul 2022, the SP started to deteriorate. By 2 Nov 2022 the rot had set in again, the SP trend had reversed again after a short rise. SP, 11 cents and falling, time to start getting out.

840,000 options were exercised. SP at that time was approximately 11 cents.

A small but interesting foray into these options but, since then, has been followed by about seven such forays.

At the start of Nov 2022 there were 4,845,000 options on issue, now, 1,290,000 on Issue.

IMO, this is not a good look from a shareholder's point of view.

Now, one might say that shareholders sell for a number of reasons and buy for only one. That is probably true most of the time, but not always.

More of the recipients have been exercising these incentive options early, not waiting for mid 2027. Employees seem to want access to their money now, well before the expiration date of 2027.

As I said above, there could be a number of reasons as to why this is so, however, sceptics might say that these employees might be more attuned as to how things are progressing at the coal face, and therefore are acting accordingly. They do not appear to be hanging around, waiting for things to improve.

Just a thought.

Would someone care to put a positive spin on this issue. J L.