Ann: Letter to Shareholders-OBJ.AX, page-59

I will agree with this, I think it's clear to see that they are expecting a new 3rd party to sign up well before 2018 and this is the only way they could get additional remuneration over the line for themsleves. The current scheme wouldn't directly reward them for this additional 3rd party partner, as it is currently worded, so they are gone through some loopholes to ensure they get their piece of the pie, with the amendment / additional performance share scheme.

I'm sure this would have been thoroughly discussed internally as they would have been aware that they will face shareholder backlash (and rightly so), because we don't have all the information and developments that management are privy to.

That being said, I'm believe Glyn and Jeff have come to the conclusion that when the new partner (or BodyGuard) is officially announced, the shareholders will be ecstatic with the potential and size of the deal, along with the associated share price appreciation/burst, so it is my opinion that management have decided to have thick skin for a few months, cop the backlash, fully knowing that it will all be water under the bridge in 3-12 months or however long it takes for this announcement to come.

IMO nothing else makes sense here, they are clearly skirting with the rules and what they have done is borderline if not slightly unethical, but there is no history of such behavior (with regards to the performance schemes/shares) with OBJ management over the past decade so it is oddly out of character. Ironically, many of shareholders are screaming for more clarity / information, but if we can ignore all of the noise and join the dots in front of us, it screams 'big deal/announcement ahead' and it is one of the more predictable/obvious dot-joining exercises that I've seen with OBJ.

The main/only problem here is the share price keeps bouncing between 7-10c and it's taking much longer than we all thought, which is truly frustrating for all of us. But that aside and the 'secretive' nature of the deals, everything else achieved to date is unreal, and the lesson to be learned here is that it's always going to take longer than we anticipate, so adjust your expectations accordingly and stop allowing yourselves to be so easily disappointed. You either believe or you don't. If you're after a get rich quick scheme than OBJ is not the stock for you.