Ann: Tesoro to present at Noosa Mining Virtual Conf - Replacement, page-101

I could see this was going to be an issue to some holders immediately I entered the company and skim read the prospectus last March/April.

It (the milestone bonuses) was a big number of shares incidentally but not insignificantly multiplied by a pissant share price at that earlier time.

Nobody cared or cares when its a big number multiplied by a tiny one because the resulting number is still very small.

But when the guys that are making you rich are getting even richer themselves watch out, its upward envy time.

Its human nature some people will never be happy with what they have if someone else seems to have a lot more and get that share too easily.

But did Zeff get anything at El Zorro easily?

Zeff spent a couple of decades in South America getting experience, traveling, working, making contacts. He put the money from himself, his family and friends into a few years of work drilling at El Zorro before with the vendor organizing for El Zorro to morph into Tesoro.

What do people want, seriously sit and think about this do you want a high or very high share price where YOUR and Zeffs shares are worth a heap or do you want them to be back at 2c like they were when they were putting the bonus details and the company together?
You can't have it both ways.

Its clear the companies success, El Zorro success and the rapid advancement on all levels has surprised even Zeff.
He also can't have seen or predicted the growth in the gold price and the strength of the stockmarket while listing the company.

I wasn't in at the float, what was it 2c then for a while it was even was lower?

The key to a happy life is not worrying at the restaurant what is on someone elses plate, which lady is under someone else arm or what car the other bloke is driving. Worry about yourself.

And if you are in a team be happy the team is successful even if the captain seems to get all the accolades. Because if you are not in a winning team you are in a losing team, there are plenty of those on the ASX and TSO is not one of them.

The captains of this team are largely being rewarded (if the targets are met) with a one off payment that mostly represents reward for putting El Zorro into Tesoro and the work done prior to El Zorro and the fact they didn't go private with it and keep most of the cream to themselves. They no doubt knew they likely had a good chance at a very good if not a world class asset here.

They are getting shares not cash and they are fairly bound to keep all if not close to all those shares as director selling is an unofficial ASX no no.

Them holding those shares (if issued) puts an even larger proportion of TSO in safe hands. It is potentially a big number but it represents many years work and again to finish my case would those offended by the bonus prefer the share price was still 2c so the guys just got a mil or two worth of shares each as was the breakdown when the company was listed?

I prefer the current sate of play, no actually of course I would prefer if the share price was even higher and the guys got shares that were worth even more because at the end of the day I can't eat or taste whats on someone else plate, Im only worried whats on mine.

Not meaning to offend anyone but thats the way I see it.