Ann: Minbos Investor Presentation - Angola Rising, page-365

Lindsay's very substantial pay increase coincided with the replacement of the previous Chairman and Lindsay's transition to MD. I assumed at the time that the major shareholder, Jayson (who took on the Chairman's role) was unsatisfied with the strategic management of the company under the previous incumbant. And also of the view there was a lack of coordination / communication between the company's executive and Board (hence the decision to unite them under Lindsay). On retrospect, that announcement was a red flag that many (including myself) mistakenly intepreted with an overly positive bias.