P monkey,Well I gave a thumbs up because someone has started...

P monkey,

Well I gave a thumbs up because someone has started some intellectual input. Good debate is all about improving the knowledge totality.

There are two good things about this scheme :-

1] Strategically NCM is disposing of a "small" asset that it is locked into. They recieve shares and this creates overhang in the shareprice as NCM will always be perceived as a seller. They have 2 men that will be nominated to the Board. It is therefore highly likely that they will supply additional orebodies to the new company that do not get over the line as NCM projects. By building a better company they can exit and we all benefit.

2] The best news is that larger [potential] shareholders
seem to have called J Klein's bluff and provided a way to halt his obscene Non-Diluting Options Scheme on the head. That type of scheme was what the Aust Shareholders Assn hated as it incentivised the Directors to " role the dice " and gamble the company a la Babcock and Brown. Directors remuneration that is alligned with twin hurdles is best for Shareholders.

So you should all vote NO to the Step 2 Tranche Non-dilution Rights Options
Salient pages of the Scheme booklet are :- P89 [ 10.8]
P81 [9.8] , P85 [10.1] , P74 [1/2 way down-Cancellation of Non-Dilution Rights]

Exercise your rights and responsibility and vote [on line!]