Ann: Change of Director's Interest Notice, page-10

Thanks for compiling that summary. Is somewhat sobering seeing how little skin management have in the game. You tend to get 2 types of management - one that is heavily invested in the company and the other that hold minimal shares of which have been mostly acquired through allocations via performance rights versus on market purchases.

QHL is clearly the later. I find you often see a different management approach on this basis and it is more around salaries and ongoing performance rights. Certainty doesn't underpin the concept that management see the SP seeing significant appreciation given the lack of ownership.