- Agenda Item 3: RESOLUTION 2 – RE-ELECTION OF MR PATRICK BURKE AS A DIRECTOR
Remember, this is our chairman who advises us on a Friday night that, after a series of earlier price-flattering announcements he would’ve known about in advance, he had offloaded his entire PRL shareholding of 6,666,666 ordinary shares @ an average 17.25 cents netting himself $1.15million.
This was at a time, conveniently for him, that many here were expecting positive Total Eren news that never came due to an ‘inadvertent’ typo in an earlier PRL announcement that was later clarified.
Why would the chairman do this? Tax obligations and to buy up options, it was claimed. Well those converted options (generously provided by us via a dilution to our own stakes) cost him a mere $150K @ 4 cents each. That left $1 million for his “tax” bill. Sure.
I have great faith in David Frances and other directors but I’ll be firmly voting “AGAINST” the re-election of Patrick Burke. We deserve better.
Original disclosure & discussion of his pocket-lining move can be found at this HC thread here:
https://hotcopper.com.au/threads/ann-change-of-directors-interest-notice.6233096/#post-55461614
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