Good to see a little bit more information leak out about the...

Good to see a little bit more information leak out about the Employees Partly Paid Share scheme.
Remember these Partly Paid shares were issued by APG, to directors and staff with one cent already paid.

But, the big question about these Partly Paid (PP) shares has always been who paid the initial 1 cent on each PP share.
Did the directors and other recipients of these PP shares pay the one cent - or was it APG shareholders who were being unknowingly generous if the PP shares were issued for free, at no cost to the recipients.

10 years ago at the AGM, shareholders were asked to vote on the then latest tranche of PP shares.
Shareholders were told that these PP shares were necessary to retain top quality management and staff.
Shareholders voted overwhelmingly to approve the issue of 15.4 million PP shares to directors and staff.
The 3 members of the Board ended up with 7.0 million of these PP shares.

Apart from the mandatory reporting on directors shareholding - the APG board has never allowed any reporting on who got these PP shares.
Now, from the recent Preliminary Final Report we can now see that company secretary (at the time) Gaston - also got given 2.0 million of these PP shares.
10 years ago, Managing Director(at the time) Turbot - had one or two family members working for the company - I wonder if they got any PP shares.

And why wouldn't they want some of the PP shares if they were getting them for free.

Wilcox