I have been called a ramper and a defender of management over...

I have been called a ramper and a defender of management over the years on Hot Copper. To keep it short, I see the science and products/therapies as brilliant, but the management of this company (bar Bio Horizons deal) as average at best. A copy of the email I sent to executives today:



"A great addition to the Board, but really? Options with a strike price of $0.40?

What is going on with OCC? You guys pull a Bio Horizons deal absolutely out of the bag against the odds, but dawdle on Remplir for 2 years and then give out options that completely fail to incentivize a newcomer to the Board.

A little reminder of how Directors should be designing employee and directors' (executive or otherwise), remuneration packages from the Australian Institue of DIrectors:

https://www.pc.gov.au/inquiries/completed/executive-remuneration/submissions/sub059-part9.pdf

"Equity plans serve to align the interests of executives with shareholders by providing direct participation in the benefits of future company performance. The structure of these plans as a whole, including the level of entitlement, performance measures and time periods before entitlement to rewards, should be designed to meet the particular needs of the company in terms of driving improved company performance".

Granting significant options with an "at the money" strike price, absolutely, does not do that. Literally where the stock is trading, and sadly the exact IPO price nearly a decade after listing, is insulting to shareholders. Another significant diluting award that does not even incentivize the new Director to improve the share price.

Come on guys? With respect, when are you going to start acting with very specific aim to provide returns to the shareholders who have funded the continued existence of the business for the last 9 years? As I write there have net been none, other than further share award grants to insider/Board shareholders."

I suggest other shareholders CIVILLY write to express their dissatisfaction with such cronyism that continues at a Board level (alas endemic to many listed companies). I fear I have long ago lost any good will with my repeated behests to improve company communication in the past.