Just a quick comment to give some perspective on Res 6. I am not sure investors understand how this works but Section 8.4 of the AGM Explanatory notes is good reading.
It appears that said Director has contributed above and beyond his Director's salary and be entitled to compensation. Quote 8.3 If Resolution 6 is not passed, the Company will not be able to proceed with the issue of the Plan Shares to Mr Downey and the Company may need to consider other forms of performance-based remuneration, including by the payment of cash. And "through his legal professional expertise and listed company knowledge, Mr Downey has contributed to the enhancement of the Company’s contractual matters and governance"
So, if the Company pays a consulting fee, then that affects ZEO capital conservation. Alternatively, if incentive shares are issued then the Director's upside is the margin between the cost of shares versus the market sale of the shares but would be worth zero at current prices. No cost to the Company.
The Shares also appear to have a lien over them so as far as I understand, the loan is secured against these shares.
It operates IMO much like a call option. Therefore the "value" is in the theoretical cost of that call option - Black and Scholes $160,000. (as stated in the notes) This is a complex area but those experienced in buying and selling exchange traded options will be familiar with the modelling.
You could also view it as Downey forgoing $160,000 of fees and electing to take a call option instead, thereby rolling the dice like all shareholders.
Notwithstanding the above, it is always a good thing for Directors to buy stock on market.
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