Ann: Notice of Annual General Meeting/Proxy Form, page-3

Just had a look at the resolutions, its complete nonsense, for all shareholders reading this, you need to vote NO for almost every single resolution, especially on each of the resolution giving options to management (5.5 million options in total for all the resolutions), and NO on the capacity to issue 10% of company's equity.

1) A truly good management who cares for the company does not give a damn about options, would a 60 year old who run the company all his life and owns substantial share care about options which expires in couple of years time, obviously not, management who care about their company don't sell their shares, ever, and options are just nonsense. Look at Berkshire Hathaway and all of Warren Buffett and Charlie Munger's private holdings, no management have options.

2) Management options is nothing more than a financial instrument scam, because it can be forever repriced and therefore management is creating a financial instrument that has NO risk, because if share price goes down, just issue more options at the new low price. It seems makes no sense at all, think about it, I destroy 99% of the the company value, and then just issue more shares to myself at 1% of the company value and pat myself on the back!???

I had some faith in Richard after he voluntarily took a pay cut to $400k from $600k and was one of the reasons I got in this stock, before the management was atrocious, FLC has one of the highest options issued for any ASX company, and now Richard wants to issue 4.5 million options at ALL TIME LOW. This is an utter destruction of shareholder value, and it shows this new CEO has no idea what capital allocation means, which is the arguably the most job for a CEO. At current price he should be considering stock buy backs instead of issuing millions of options to dilute share price even more, just goes to show Richard have no idea what ROIC actually means.

This is a huge red flag which now makes me want to exit.