Hi Hummms, Buddy
Thanks for your replies.
"Our Directors have kept the faith when many shareholders have simply exited."
Both Directors and shareholders are mainly motivated by the same thing : Self Interest
APG Directors are extremely well paid to do their job - while shareholders think they will benefit from owning (or selling) APG shares.
In the last 3 years Mike Turbot has received over $1 million in director’s fees – while APG investors (not traders) have probably not done so well.
Sorry I did not fully explain my calculation of the cost to Directors of the P.P. shares.
You have to keep in mind that these shares are issued to Directors already paid (by shareholders) to 1 cent.
The final price the directors pay is 95% of the closing market value average for 5 days preceeding the AGM
Using Fridays close of 4.4 cents as the market average :
4.4c*95% = 4.18c less 1c alreadypaid = 3.18c to directors
Hummms – I completely disagree with you that: “let his years issue of options should go through to the keeper”
If good things are ahead for APG then there will be no more Capital Raisings and no increase in Shares on Issue.
If the current proposal by the board is accepted, they will allocate nearly ALL available P.P. shares (45% to themselves)
This means that(in the absence of another Share Issue) in 2012 there will no more P.P. shares to give out.
But what about the future ?????
In 1 years time the Newcastle Iron Plant should be up and running.
The Chairmans review & Directors report paints a rosy picture of the future with Build Own Operate recycling plants and possible 60ktpa ERMS SR Synrutile Plant.
Won’t APG be employing new staff for these new projects. Won’t some of these employees be key staff , who need to be retained and incentivised for the benefit of the company.
But there will be no P.P. shares left .
There is NO BENEFIT TO SHAREHOLDERS to allocate any more shares to directors.
If you agree with the comments on this thread - return your proxy form – you could make a difference.
Wilcox
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