Ann: Trading Halt, page-16

Hello Mansell

I completely agree with you about accuracy.

I think it is better practice to comment on current remuneration, and remuneration approved by shareholders in 2017 separately.

More importantly, you have made many posts following the 2017/18 financial year remuneration report, which seem to indicate that you mistakenly assumed options were equivalent to a cash benefit or shares. I am sure your annoyance is genuine, and that it is an honest mistake. But it is a mistake.

Ironically, options are an incentive for directors to achieve a high share price in the future - otherwise they are worthless. Options are a tool to discourage the very thing you complain of - a low share price. That is why we shareholders approved them back then.

These are the options which you have treated, wrongly, as shares or cash:



Those options are just the right to purchase shares in the future. The cash value in the remuneration assumes that those future purchases will be profitable. These are the tranches and how they were valued:


Note that the exercise prices are $.75, $1.00, $1.25 --- the options give the holders the right to purchase shares at those prices before the expiry dates. For the holders to make any money, Kin shares have to trading at more than $.75 before Sept 2020, $1 before Sept 2021, or $1.25 before Sept 2022.

Note also that those options were approved by shareholders in 2017.

I am glad you are interested in accuracy. I hope this helps.