"This is effectively a gift worth over $2.5M to a director"
David St Denis and Matthew McDonnell are not directors - they are Executive Management. The shares were issued under the employee incentive scheme which, as MactavishNat posted was approved at the last AGM. I do agree that it is a pretty good incentive even though it will cost Mr. St Denis $3.24m if he gets to convert them. He would still make a pretty good profit at the current share price. I wonder who got the other 100,000 oppies.
Ann: Notification regarding unquoted securities - AVR, page-4
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