Ann: EGL Trading Update, page-6

dabozza is right to point out how the design of the performance rights are not in shareholder interests. You are getting a perverse situation whereby a reduction of $0.5m of adjusted EBITDA (on my figures - it looks like dabozza's number would be a little higher given their calculation of performance rights to be issued) would drop below the 70% EBITDA target and result in the issuance of no performance rights. Bizarrely that seems like a better outcome than the likely issuance of $1.5-$1.8m in performance rights.

I don't think this is a particularly strong Board. I've seen a few things that have annoyed me and I wrote to them after they did a placement to Capital H at the current share price and announced the PFAS results in the same announcement, which obviously immediately led to a rerate. Fortunately I do rate the CEO. He is driving the turnaround in this company. I just hope the spoils of that are shared with us.