Ann: Executive Management Changes, page-6

So I've mentioned many times the non-recourse loans offered to Zardo and Tulloch and how they are no way aligned with shareholders and now the company is at it again with Downey.

So the company provides a loan to Downey of $260,000 to take up 5 million "incentive shares" but there is no recourse so if the stock goes down and the share value doesn't cover the loan than the company has no recourse. So basically he's getting 5 million free shares with absolutely no downside whatsoever and the shareholders foot the bill.

I have never seen any company on the ASX where every board member has had the benefit of a non recourse loan like what's transpired here with ZEO. IMO it shows a complete disregard bordering on arrogance towards all shareholders. If things had gone extremely well and shareholders were making a motza then maybe but this is just taking everyone for a ride.

WW