Ann: Share Consolidation & Notice of Meeting, page-29

Cedric's 110M shares could have been stipulated by 1st Sam rather than the man himself.

1st Sam probably don't care who's steering the ship as long as the SP heads North, dangle a juicy carrot in front of Cedric and encourage him to get the expansion done on schedule, if he does then he gets his bonus and lives to fight another day, if he doesn't then they've got sufficient reason to force him out and get someone else in who can deliver.

I don't like the dilution either, but if you think of Cedric's 110M shares as a single KPI rather than a bonus it sounds a lot better, he's being given one chance and one chance only.

2 things to consider:
1) If Cedric doesn't get the expansion done on schedule then he doesn't get his bonus.
2) Only Cedric gets a bonus yet he is not a majority shareholder, other directors and 1st Sam get diluted the same percentage as us punters, if they vote in favour of his bonus then you have to ask why?

Those closer to the company than me appear to be banking on the fact that the positive effect of expansion will outweigh the negative effect of dilution on the SP and our portfolios.

I voted 'no', but I'm just asking myself why anyone other than Cedric would vote 'yes'.