Easter rant..
Hey @Brightoil - agree with you mostly– but not about the performance shares expiring worthless for management given who they relate to and aligned to Kit’s email from management in early March. Post #:73039360
The Exec Chair didn’t get the nod on the resolution for his performance rights at the 2023 AGM. Considering AP already has a massive shareholding and received his LTI tranche of ~31.8M in 2022, my take is that, regardless, any Exec Chair/CEO (and Board) would want to build and then continue to motivate a great team, especially with the potential that MAY find themselves in following A1 and A2 and for those that have been with the company throughout.
The tranche of performance shares due to vest by 28 May 2024 is held by several key personnel, most notably Errol (11.4M total LTI1 and LTI2 tranches) and Dean Johnstone (also 11.4M total). Eminent Geo’s that have been with the company since 2010 and 2011 respectively. They’ve been significantly recognised by Melbana for their work in identifying and defining the prospects MAY are now appraising – as well as 19 other prospects across Block 9.
Their LTI1 tranche is for ~6.6M shares with a grant date value of $175K worth just under $800K each on vesting – and potentially far more if the Company captures full value monetising the asset as per management’s reply to @Kit67.
It’s also a huge opportunity for realised recognition beyond the one-off cash bonus Errol and Dean received last year of $100k for the success at A1. Ultimately, their total shareholding including current shares held, and if fully vested, would increase to 20M+ and 19M+ shares respectively.
Another true long termer in the mix is Ken Hendrik (Implementation Manager) who joined the company in June 2007 and is up for 8.8M total (LTI1 and LTI2 tranches) performance shares as part of the second instalment announced in Sept 2023. (Vesting subject to MAY's share price being at or higher than $0.164 for 20 days for tranche 1 at/before 18 months and $0.262 for tranche 2 at/before 36 months.)
Then there’s also the potential performance shares for the newly recruited, but highly credentialled Exploration Manager (managing the A3 drill!), CFO, CCO, CPA and most recently the COO.
Why, if you’re focused on growing and maintaining a high performing team, would you not also be fully invested in seeing their success alongside the company’s high performance and success.
Why also, would you continue with an STI and LTI performance reward process with a high calibre team (COO’s announced most recently on Feb 5, 2024) if there wasn’t significant potential to see the process through for KMP’s to a successful outcome(s)?
MAY have a complex drill program underway seeking to appraise a potentially company making A3. The subdued announcement tempo to date compared to A1 is challenging, and hasn’t seemed to assist some of the KMP’s attain vesting of their nearer term LTI tranche 1 share allocations.
Hopefully Monday’s announcement and that they are now well into the Alameda structure signals increased news flow to come. If results are positive and continue strongly– with the SP climbing well into vesting territory for the KMP’s, we’ll all benefit significantly as shareholders.
MAY Price at posting:
6.2¢ Sentiment: None Disclosure: Held
(20min delay)
