I think you have to make a very strong differentiation here....

I think you have to make a very strong differentiation here.

There are certainly companies that help themselves in a certain way and extract too many bonuses. But in the case of SVM, I don't see that at all.

Both the chairman and the CEO have put a lot of private money into the company and kept increasing their share positions. They have real "skin in the game" and therefore also work in a success-oriented way.Moreover, the performance of the share speaks for the work of the management.

But I would like to give another example. When Andrew Forrest founded FMG, he secured huge parts of the company through an incredible number of options. Off the top of my head it was around 50% of the company, but I don't want to be pinned down. At the time, everyone scolded Twiggy and called him a greedy bastard. The brokers wouldn't help him.

But he did his thing and is now a billionaire, collecting more dividends per year from FMG than we will probably ever have in capital all together.

I don't want to go so far as to compare SVM with FMG. But SVM's project is gigantic and can cover a large market share in rutile when it starts production and also has the upside from the graphite. It is therefore only logical that the management positions itself accordingly.

Moreover, one should not underestimate the effort that the board members have to put in, especially for projects in Africa. They are often away from home for weeks at a time, they don't see any children or family. You can do that for maybe 10 or 15 years, then it becomes critical.