Ann: Results of Meeting , page-24

I was there too, I asked if the board had thought over the fact that the performance rights were being awarded for merely staying on track ratehr than bringing the project forward. To paraphrase, Peter's response was around how the project timeline was already very ambitious and it would take some great work to deliver it on guidance.

I didn't ask the logically resulting next question of why such ambitious guidance has been given to the public for so long, rather than more conservative (realistic) guidance. This pretty simple concept could go along way to explaining the grief around the performance hurdles. They put out overly optimistic guidance, which isn't then actually 'guidance', but more a rosy picture for prospective investors, or those losing patience with their holding. They then see it reasonable that they get performance rewards for doing the outstanding work required to deliver the project by early 2012, whereas we rightly see it as delivering the project on time.

Anyway, I didn't chase the point, but I reckon it was pretty clear.

In response to someone else's question re rights, Ian referred to changes in tax law last year around issuing options to employees, how the employee may have to stump up a tax payment (in some circumstances this could be a pretty serious figure) on the issuance of the options, regardless if they will be converted or not (you'd have to assume that the tax bill would be refunded if the oppies aren't converted??). Anyway, he said they wanted the performance reward issue stitched up last year, but the changes in tax law forced them to re think the plan, and now we see it in it's final form. That's what I gathered anyway. And Ian agreed that the timing of the rewards announcement was poor.

The late change to the barge worries me, I mean clearly I love the possible 20% cost savings, and I hope it gets up, it just seems to be a late change and I see delays as likely. But anyway, aside from this I'm feeling positive about this whole thing. I reckon we'll be very lucky to see a 30KT trial boat out by Jan, but the July mining lease is somethimg critically important and very close to realising!!! If that doesn't move the SP, then i'll be pretty disappointed (though with track record to date and the lack of love in the air - not sure I'll be surprised).