I dont believe this challenge will get over the line
Why because they are old news no one wants to go backwards full stop
But i do believe and will be very surprised if this new Challenge by PVL does not get over the line
Why just look at the numbers PVL vote alone is a challenge but once this first challenge is over if those concerned in the first challenge was a genuine concern over the running of the company then with pvls numbers and the disgruntled vote from the previous AGM should IMHO see this as a white wash in favour of PVL
Motors i found it very strange when you posted PVL have Garners back as James Kruger does not appear to share Jams Garners leadership ideas
Taken from PVLs last annual report
Principles used to determine the nature and amount of remuneration
The objective of the Group's executive reward framework is to ensure reward for performance is competitive and appropriate
for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and the
creation of value for shareholders, and it is considered to conform to the market best practice for the delivery of reward.
The Board of Directors ('the Board') ensures that executive reward satisfies the following key criteria for good reward
governance practices:
● competitiveness and reasonableness
● acceptability to shareholders
● performance linkage / alignment of executive compensation
● transparency
Given the Group has fewer than four Directors, the Board fulfils the role of the Nomination and Remuneration Committee.
In this capacity the Board is responsible for determining and reviewing remuneration arrangements for its directors and
executives. The performance of the Group depends on the quality of its directors and executives. The remuneration
philosophy is to attract, motivate and retain high performance and high-quality personnel.9
Powerhouse Ventures Limited
Directors' report
30 June 2024
Service agreements
Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details
of these agreements are as follows:
Name: James Kruger
Title: Executive Chairman
Agreement commenced: 24 November 2021
Term of agreement: 3 years
Details: Directors' fees for the year ending 30 June 2024 of $50,400 to be reviewed annually.
4 weeks termination notice by either party, 4,000,000 unlisted options which lapsed on
31 December 2023, non-solicitation and non-compete clauses. There are no
superannuation or leave entitlements payable nor accrued
Powerhouse Ventures Limited
Directors' report
30 June 2024
Share-based compensation
Issue of shares
There were no shares issued to directors or other key management personnel as part of compensation during the year
ended 30 June 2024.
Issue of options
The terms and conditions of each grant of options over ordinary shares affecting remuneration of directors and other key
management personnel in this financial year or future reporting years are as follows:
Number of Fair value
options per option
Name granted Grant date Vesting conditions Expiry date Exercise price at grant date
James Kruger 4,000,000 24 Nov 2021 Market conditions 31 Dec 2023 $0.11 $0.050
Joseph Demase 4,000,000 24 Nov 2021 Market conditions 31 Dec 2023 $0.11 $0.050
Joshua Baker 4,000,000 24 Nov 2021 Market conditions 31 Dec 2023 $0.11 $0.050
Geoffrey Nicholas 2,000,000 3 Dec 2021 Market conditions 31 Dec 2023 $0.11 $0.050
and their latest issue as the above oppi issue expired out of he money
Background
It is proposed to issue Performance Rights (Issue) to Directors, Mr James Kruger and Mr David McNamee,
as set out below:
The Performance Rights vest in 3 equal tranches:
(a) Tranche 1: 2,000,000 Performance Rights vest if the Company’s Share price on the ASX is not
below $0.10 for 20 consecutive trading days at any time prior to the date that is 2 years after the
date the Performance Rights are issued (Observation Date); and
(b) Tranche 2: 2,000,000 Performance Right vest if the Company’s Share price on the ASX is not
below $0.12 for 20 consecutive trading days at any time prior to the Observation Date;
and
(c) Tranche 3: 2,000,000 Performance Rights vest if the Company’s Share price on the ASX is not
below $0.15 for 20 consecutive trading days at any time prior to the Observation Date,
(collectively, Share Price Condition); and
(d) the Company’s net tangible assets (NTA) per Share being at least $0.10 per Share in the
Company's latest audited financial statements prior to the Observation Date (NTA Condition).
Each Tranche will be assessed on the Observation Date and to vest, must satisfy the Share Price
Condition and the NTA Condition (collectively, Vesting Conditions).
The Performance Rights expire 30 days after the Observation Date (Expiry Date).
For personal use only
This was their last issue at the recent AGM 10/24
Now look at the wages look at the issue and tell me who is most aligned with shareholders and shareholder value
Got to wait and see what transpires here from PVL but their lust for self reward has no comparison over this present board and their issue in the recent round of oppis is aligned with their shareholders growth in the SP
When this award was done their SP was between 7 - 8 c
New mile stones on this issue are 10c - 12c and 15c respectively
Not huge milestones admittedly but when you consider wages taken and oppi alignment with shareholder value
You have to question our presents boards interpretatation of cash incentives and issue off oppis as being the present industry standard LOL
DEFINE INDUSRTY STANDARD
I will reserve my thoughts on the vote presently untill such time as PVL outline their strategy for taking this over at board level but they would appear to be aligned with shareholder value as appoosed to personal self wealth
will leave it there and see what transpires
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(20min delay)