Okay, I've re-read the resolutions and have the following...

Okay, I've re-read the resolutions and have the following concerns.

When someone signs up for employment they accept terms of employment at the time. These resolutions, in effect, are the management and the staff now saying, well that's fine, but now I want a whole lot more for doing the same job.

The performance criteria are effectively non-existent, and the question I ask is if the management and staff wanted a lot of shares, why didn't they participate in the shortfall of 26.5 million shares from the last rights issue, like the rest of us who paid for the shares?

I think they should at least make the shares exerciseable at the 16c price of the last rights issue, and there is probably an argument for making the exercise price 44c, which was the last issue price.

The first reason they give for the issue of shares to directors is "the Company wishes to maximise the use of its cash resources towards clinical development and equity based incentives such as performance rights are used to supplement cash based remuneration" (p18). But then the next resolution is to double the directors fees. So what what cash based remuneration is it supplementing?

The only thing I can see that would make this feasible is if the company is transformed into a much bigger concern than is currently the case, which would mean a big offer from a 'big pharma' company prior to the meeting.

We'll have to wait and see I guess.