H,This has a positive aspect and may indicate that the ASX is...

H,

This has a positive aspect and may indicate that the ASX is being harder on these pay-yourself incentives

If you read p32 of the annual report it seems to be that the ASX has advised them to seek ratification for the conditional vesting which they did without the conditions being met as per the wording:

Tranche 1 : 625,000 shares at $0.45 each vest if 400PJs of 2P gas reserves are certified by 31/1/09 (vested 19/8/09)

The vesting on 19/8/09 was done on the basis that it was 83% met ( a bit short of the hurdle ?)

Further reading shows that if the meeting doesnt "give" him the shares then they will be cancelled and he will get an "alternative comparable form of remuneration agreed with Mr Casey"

So he cant lose --- we should ask the board to specify what he would get if the Item is voted down, get them to define that "comparable form" . They may just be considering the intrinsic option value approach , which would be a significant remuneration and not have the uncertainty of shares. ( Hey ! - wishful thinking that Resolution 5 will be voted down ! )

What is the point of having these Hurdle type incentives when they are not achieved the management still get the reward ?- Heads I Win Tails you Lose strategy

Reading p32 of the AR and the list of management rewards , for just turning up in some cases, makes you wonder what the point of the company is ?

With the list of Resolution items all basically reduced to self-promotion a Booster type announcement/s prior to the 10/11/10 is almost guaranteed.


Cheers