Last annual report's Remuneration Package shows who got what as at 30/6/24.
The performance rights are on top of this. But they are rights - they vest at 10 days of SP >7.5c, which hasn't happened yet. Manny Datt is basically trying to roll 2 of the NEDs before they get 3M performance rights, at the 11th hour of midnight, and parachute in two of his own lieutenants. I'd expect this hasn't gone down well with the BOD and the NEDs in particular, as KNB has nearly got to 7.5c!
Anyway. Dan Power is on $300K p.a. plus super and share based payments. So $400K. Not for me to say if he's overpaid.
The NEDs get paid as per the below (noting Donovan is gone as of today). This is a touch above the average I think, but it's not outrageous.
No one has seen the contents of the purported correspondence between KNB's board and Datt Capital, as Datt Capital alleges there was. I feel it's risky to speculate on this.
Now, these performance rights. They were allegedly determined to be 'at risk' in consultation with 'advisers' as detailed in an announcement on 10th April. Here's the vesting conditions:
Given what was known about Koonenberry based SOLELY off the historical intersections, not even 25END001 which was announced the week before this set of conditions after
visible gold was noticed
a month beforehand, the historical RC hole ORDRC005 had >20g/m. I note here there's no minimum grade to this calculation, so 100m @ 0.2/g/t would get you there. Drilling 50m up or down from 25END001 would get you the first tranche.
In fact, every one of these performance right, as expressed in that table, were complete gimme's. All of these rights are so easy to get, they were already gotten before the table was written. I can see why Datt Capital or holders might query this sort of "falling out of bed" malarkey given what was known about Enmore prior to the 4th April.
I don't hold. Just pinging bread loaves from the sidelines.
(20min delay)