Ann: Change of Director's Interest Notice, page-16

I had a random thought the other day and just did a little research to confirm that thought.

JK was appointed non-executive director on 10 May and Chair on 16 October. The salary for non-executive char is $50,000 per annum and Chair is $70,000 per annum. Therefore, come the start of December when JK bought these shares, the before tax salary he received would have been around $25,000, maybe a bit more.

The 300,000 shares he purchased for $12,617 would therefore approximate the after tax salary he has received from Hawsons since he was appointed a director.

Therefore, JK is effectively putting himself on performance only remuneration for his time so far (and from his knowledge of the project at the AGM he has clearly been putting in the time, not just rocking up to a meeting or two). It would be nice to see further purchases but I suspect there would be few periods when a director can buy on market, the period just after an AGM being one of those periods.

To me, a chair who is willing to work and only get any real remuneration if the share price does well is someone who is willing to back himself and the company. Very happy to have JK on board.