Ann: Hancock shareholding taken up by broad range of investors, page-8

I'll probably cop some flack for this because it's easy just to lob grenades at management without any basis, but I feel there is a lot of unwarranted talk here about the board dishing out shares to one another, without once again any facts behind it. It's coming mainly from ex Vango shareholders who did see their management sit back for the ride, as did Superiors board who lined their pockets and were never incentivised to do the right thing for their shareholders. This has always been very different at CYL and still is.
In November 2022, shareholders agreed to an incentive package for JdeC the new CEO. To put in perspective, this was at a time that CYL owned a tinpot underperforming mine in Tasmania producing 20kozpa and controlled potentially one of Australia's richest gold belts in Victoria. Raising capital with those assets was not going to come easy, and frankly if those two assets were the only ones on our books now, I'd hate to see what our share price would be now.
So JdeC did manage to do something that neither Superior nor Vango could do, and that was to consolidate those two companies. His first tranche of shares then came on the back of raising $10m... fair call... get our CEO some real skin in the game and properly aligned with the Shareholders.
Every other tranche is then based on getting ounces of production higher.... one at 80koz and then one at 100koz.
So remember, this agreement was struck pre the takeover... it incentivised JdeC to get it done, then turnaround Plutonic.
When CYL finally got the keys to Plutonic, Superior were producing 4koz/month..... now it is 7koz/month and highly profitable - my estimate btw is about $6m/month profit.
Other board members get paid about $85k/annum and Bruce Kay received some shares recently due to production improvements - I'm happy with that... Hardly lining their pockets right?
So yes, I'll be critical that the marketing of the business hasnt improved, but geez... really? Lining their pockets? It's exactly the share structure I'm after for them to be incentivised to get this beast producing more and more ounces.
Top it off that James gets paid $400k/annum.... and has spent all of his pay and more since joining CYL on $1m worth of shares last week...
And you really dont think these guys are invested in making this a multibillion dollar company???