Thanks for highlighting Pilch. I agree. Smacks of greed and...

Thanks for highlighting Pilch. I agree. Smacks of greed and clever accounting (rort?). It looks disingenuous.

They have also changed the performance rights milestones:
Tranche A is now 1.5 cents, down from 4 cents a year ago
Tranche B is now 2 cents, down from 5 cents a year ago
Tranche C is now 2.5 cents, down from 6 cents a year ago

Under current management my investment is down over 75%. I think the board are being profligate with our money and most of these resolutions seek to increase their remuneration for very lacklustre performance. They state that this remuneration structure is similar to other ASX listed companies "including those operating in the oil and gas industry." We are not in the oil and gas industry. We are a mineral exploration company that has yet to find anything. Therefore, I think those comparisons are cynical.

This BoD appears to be a classic case of spending "other people's money" with little direction or conviction. I am very heavily invested so I hope I am wrong, but I will not be voting on a number of these resolutions. Rant over (not investment advice!!)