Many of the bonus option look to be going to Reeves - new to the company at the prospectus - who was also gifted 8.3 million shares on signing on. Reasonable salary at 240k, and McNamara - a new NED.
That's a separate issue to the private company vendors - who have a very nice slice of the current entity. Were Reeves and Mc involved in the previous private company?
Big gifts to the lead manager too. As usual I guess.
Just starting on the prospectus. I'm yet to see justification for this performance bonus largesse in the prospectus. Can you enlighten me?
By way of comparison look at the release tonight from TMT - which carries similar potential future income - and a similar workload I'd guess. The perfomance bonuses have one less zero attached - and those blokes have been doing a GREAT job.
Perhaps it doesn't effect those who are in at 3 cents with the relisting - it;'s all good news for you now - and congrats. But for new holders at these levels taking on the risk now -.... as someone kicking the tires - it's not a good look.
Sorry/Not Sorry for bringing up a potential negative in the story. But this is a forum for discussion so if there are reasons I'm yet to see then by all means, I'd appreciate reading them.
