45c seems for to me and this is backed up in the independent...

45c seems for to me and this is backed up in the independent experts report. What is really going on imo is a game of job preservation for the PAN board and CEO.

Victor did a similar thing at EAR a few months ago. The difference then was that NST was very aggressive in acquiring shares in EAR on market and essentially bullied their takeover through. Here, Victor has no shares and his performance shares have not yet vested, it's just a job (that's very well paid and only just started) that goes away under IGO. He is not aligned.