Ann: Results of General Meeting, page-6

According to the Annual report, that 12m for the MD is 6.5m fully paid, 4.7 partially paid shares (being 1c of 20c option to fully pay) and 2.5m options. He subsequently sold 850k shares (for “tax on his shareholdings” despite having a base salary of $300k). If you prefer, you can count options and option-esque issuances as skin-in-the-game.

There are ~148m shares on issue, of which the MD’s 6.5m holding is 4.4%. Other directors have no holdings. There are some KMP holdings although recent sales too, again for tax and "personal reasons".

I’m a contrarian investor by nature so it’s all relative as to what makes an investor comfortable. Fundamentally, I like to see stronger signals from insiders.