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18:36
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Originally posted by Blythefan:
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It's an interesting arrangement, for sure. The change of control clause and the 12 month notice period as stated in the contract particulars are certainly of some intrigue, but I recall these accruals being converted to shares at some point in the past. So I don't really think it's fair to say that half of the money will end up in any one person's pockets, since the debts will likely either accrue forever or be converted to equity. The process of MMP preparations is complex and in addition to the design of the start-up quarry, requires addressing issues relating to potential future expansion of the project and its related logistics and infrastructure.
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Well you're quite right that the MD could eventually seek to have his outstanding salary amounts converted to equity, but whichever way it goes he is clearly being paid way beyond what he's worth, and ultimately all OTHER shareholders lose out.
(20min delay)