Ann: Change of Director's Interest Notice, page-3

I tend to agree Mr_Cod.

That is, while I am appreciative of the gesture.

I to believe something more significant would be reasonable given his salary and the fact 501,607 at $3.11 to repay the loan relating to his recently issued ESOP shares.

In relation to salaries (i.e. as 16,000 shares for someone on $100k is materially different from someone on higher):

From the Neuren 2017 Annual Report:

From BTC Annual Report:

According to LinkedIn, Richard Treagus also lists himself as a Director of Hatchtech

Based on those salaries above it does feel token.

In relation to the ESOP:

That ignores the fact he was a major beneficiary of the $4.00, which he negotiated. Thus I would prefer Richard had more 'hurt money' in play. 

Specifically... as part of the employee options plan, Richard was issued 2,000,000 loan funded shares, which would vest subject to performance criteria.

Under the plan, once the ESOP vested, Richard Treagus could repay the loan or the company could buy back, vested shares and utilise theproceeds to settle the outstanding loan.

Richard Treagus nominated that the company buy back the shares to cover the $1,560,000 loan.

The transaction occurred at $3.11 per share – VWAP for 5 daysending 29 May 2018 shortly after the exclusivity period... which included the $4.00 per share 'option fee'. The VWAP was inflated as a result of the $4.00 option fee.

As a result, 501,607 were sold to reapy the $1,560,000, leaving Richard with 1,498,393 Neuren shares. 

By comparison, had the transaction occurred at current levels ($1.20), 1,300,000 would have been sold - leaving 700,000 ESOP shares. 

For that reason, I think the purchase is a bit disingenuous... since Richard Treagus effectively sold 501,607 of his shares at $3.11, prior to the release of the transactions terms, resulting in a net gain of 798,393 NEU shares (a market value of $974,039.46).

Given the circumstances described above and salary from NEU, BTC and potentailly Hatchtech, I am hoping that the Change of Director's Interest Notice represented the first day of multiple days of puchases, rather than his total.  I'll keep the faith in that regard for now...

Cheers

5x8's