And there we have it.
RESOLUTION 1 – RATIFICATION OF PRIOR ISSUE OF 830,045 SHARES TO SENIOR MANAGERS
So 830,045 shares issues "in lieu" of payment, however the deemed price was 5.9c per share. Shares were issues on the 21st Jan 2021. The share price at the time was around 16c.
So "in lieu" of payment, they have awarded themselves 830,045 shares at a discount of approx 63% to market. Nice little cash bonus for "in lieu"
RESOLUTIONS 7 – 8 – ISSUE OF PERFORMANCE RIGHTS TO DIRECTORS
6,750,000 "Performance rights". The first hurdle is a measly share price of 15c. The "Performance period" is 5 years
RESOLUTION 5 – APPROVAL OF LITHIUM AUSTRALIA NL SECURITIES INCENTIVE PLAN AND RESOLUTION
6 – APPROVAL OF POTENTIAL TERMINATION BENEFITS UNDER LITHIUM AUSTRALIA NL SECURITIES
INCENTIVE PLANThe maximum number of securities proposed to be issued under the Plan over the next three
years is 48,155,838 Plan Securities
So they are asking shareholders to vote on issuing upto 48Million shares for directors as part of an incentive plan over the next 3 years. At the current price, that is $5,7M AUD in freebies over the course of 3 years.
If I were to use 1 word to describe this company, I would use the word
Freebieeeeeeeeeeeees
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