As I’m pretty new here and have been building my position I...

As I’m pretty new here and have been building my position I thought I would take a more detailed look into these “performance” shares and it really isn’t great reading. Even if we set aside the poorly defined and very low performance hurdles it’s get worse. See below the allocation in Tranche 1 which is basically a given as long as they can get the drill turning. It’s very disappointing to see the huge weighting of 21 million to TS in Tranche 1.



I was wondering why the weighting was so skewed and then found this:


He currently has 14 million heads less than Ross so the 15 million extra from Tranche 1 which is a given gets him nicely up to speed with similar holding.

I also note they both had 22 million in the money options that expired the end of last year. Does anyone know if they converted?

Finally and to add insult to injury they are in good (Not great but good) money anyway and gave themselves a good pay rise last year.


I’m all for rewarding KMP for creating value and SH wealth but I feel like I’m missing something here or this really is a snouts in the trough type scenario that goes against my principles of investing over a certain amount of capital in a small cap.

Happy to be schooled on BNL as I’m new here but please be constructive with any criticism.