While my rider re me far from being an expert on these matters remains, if I've read it correctly, one paragraph on page eight of the notice is of particular concern:
If GrainCorp shareholder approval of resolution 4(a) or resolution 4(b) is not obtained, Mr Spurway will be entitled to receive a cash payment instead of the relevant Rights, subject to the same performance conditions as the Rights would have been subject to, as described below. For each of the proposed grants, any such cash amount will be equivalent to the value the grant would have had at vesting if it had been approved by shareholders.
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So doesn't this mean 'heads I win, tails you lose?'
This may amount to the Board and the MD/CEO thumbing their collective noses at shareholders. If so, far from ideal.
Happy to be corrected if my interpretation is incorrect.
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