Hi strat (are we talking guitars here?),
I find Otto a bit sloppy at times too: and on far more important issues!
However, in this case, the performance rights (issue, management, etc) would likely be covered by a trust deed (or some such thing).
Issue, exercise, canelation, etc. would be a board matter.
As I said, delay could simply be a procedural issue (as detailed earlier) where the wheels turn slowly.
It is also possible (given the timing) that the Auditor identified the expired rights; went to board; cancelled. Who knows?
Typically, the Company Secretary would most likely look after this type of (board) stuff.
The CFO is often the Company Secretary.
In 2019 Otto's CFO was also the Company Secretary.
In 2020 Otto outsourced the Company Secretary function - presumably to save money, and possibly skill set of new CFO (save money?).
If it reduces costs, I can live with this sort of stuff up
Whilst it doesn't excuse the tardiness, it may explain it
