If they back the horse they'd have some production LTI's but they don't they just have a $ target and to decide to build the plant and to have built the plant.
Some good LTI's in action is over at CYL and what James Champion de Crespigny is doing - signed himself up for 5m units if they get to 200k oz p.a. (currently 120k oz pa) imo the units offered may have been on the higher side, but then he proceeded to sell a mine that did about 25k oz pa putting the company back to 95k oz pa - meaning he has to get the WA operations fully going and his development project in VIC developing - which for him is completely stupid bc it'll take longer to get tot he production profile - but he's doing whats right for shareholders and earning his performance rights.
I don't see how $1 a share is earning their performance rights - its getting back to where we were pre missing the DFS timeline they gave the market.
I just can't wrap my head around the LTI's - unless they're trying to get their VWAP high to do a future raise - your goal though is to get to production not do a raise, because getting to production will give us a higher NPV and value accretion, ultimately driving shareholder returns.
If the project is as good as Management has said why aren't LTI's tied to any project targets outside of building a plant - this is peak information asymmetry - they have insight into what the DFS says and financing discussions - we don't -
If DFS is not dropped prior to the AGM it will be disappointing
LRV Price at posting:
82.0¢ Sentiment: Buy Disclosure: Held
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