11 weeks since the strategic options process was announced......

11 weeks since the strategic options process was announced... and 87 days until MU's incentive deadline of September 11th 2023.

Any liquidity event is going to have to realise >~1.85c/share for that 3.5% to kick in. MU will pocket 114k USD for every 0.1c AUD above ~$0.0185. Hope that is enough incentive for him to part from the bosom of a 300k+ USD annual salary for a questionable amount of actual work.

I did find humour from this extract from the announcement 14th September 2020. Still working on that strategic review eh Mike?

At the outset, Mike will conduct a detailed strategic review, set a clear operational plan and assess all parts of the business, including a review of our existing asset base. He will work with the Board and executive team to continue its cost reduction process, ensuring Otto can maximise returns as oil prices recover.

Mr Utsler will be entitled to receive a cash bonus if there is a liquidity event (or a series of liquidity events) that completes on or before the third anniversary of the Commencement Date, where the return to shareholders from the liquidity event(s) exceeds US$60 million. Upon a liquidity event occurring, Mr Utsler would receive an amount equal to:
• 3.5% of that part of the proceeds being received by shareholders that exceeds US$60 million but does not exceed US$95 million; and
• 6.5% of that part of the proceeds being received by shareholders that exceeds US$95 million.

Meanwhile I feel an update on that insurance claim is appropriate.