Ann: Change of Director's Interest Notice, page-128

My perspectives:

1. At $825,000 Dr Vornig's cash remuneration is already vastly out of proportion to the stage of Droneshield as a business (Annual report pg 23, screenshot below). The company only announced it's maiden profit in that report, so this salary comes directly out of shareholder contributed funds.
2. Shares issued to the executive directors in addition to their cash remunerations are being cashed out, in concert, at the earliest favourable opportunity without regard to the impact of this activity on the share price or the market's perceptions. Contrast this with the way CEO selling was handled by Temple & Webster, where the board released an announcement to explain the purpose of the sale and reaffirming their outlook for the business. The announcement included a statement from the CEO (TPW announcement 29-Feb-2024, screenshot below).
3. Shareholders who are in profit should still be asking themselves whether their capital growth is proportional to the growth in the business over the last five years.

Over time a pattern has emerged regarding the Droneshield board:

• The directors have taken every opportunity to enrich themselves at shareholder expense over the life of this business.
• They award themselves cash remunerations completely out of proportion to the state of the business.
• They award themselves vast quantities of free shares as incentives for achieving very modest goals that should certainly be covered by their bloated paycheques.
• They sell the bulk of their free shares in coordination with each other, over short periods of time, causing immense harm to investor sentiment.
• They make no attempt to explain their actions or ameliorate the harm they have caused.

My conclusion is that this board is greedy, manipulative, rapacious and selfish. They couldn't give an airborne intercourse about their investors.



Annual report page 23, cash remuneration:

TPW Announcement 29-Feb-2024: