DVP 3.11% $2.49 develop global limited

Sounds like the PR campaign has begun with BB kicking it off...

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    Sounds like the PR campaign has begun with BB kicking it off with last week's on market buy.

    On the AFR today some more DVP mentions:

    Pay packet of $3.7m tops list of highest-paid directors

    The country’s highest-paid director in 2021-22 was Michael Blakiston, a partner in law firm Gilbert + Tobin’s energy and resources group in Perth who is a director at BCI Minerals and chairs exploration company Develop Global and last year received $3.76 million. His pay packet, as noted in Global’s annual report, was $116,722 in cash but more than $3.6 million in options.

    Develop Global’s Mr Blakiston defended the payment of shares and options to directors despite corporate governance experts and industry super funds condemning the incentives. The company has two copper-zinc projects near Port Hedland in the Pilbara region of Western Australia.

    “Options as a form of payment to non-executive directors ensure that their interests are aligned with those of the company’s shareholders,” he said in response to queries from The Australian Financial Review.

    “The options are well out of the money when they are issued. If directors make money from the options, shareholders will have done well too.”

    Mr Blakiston has emerged a winner so far. Shortly after joining the board in June 2021 he was issued 7 million options with a strike price of 15¢ and accounting value of $3.6 million. The shares are now trading at $2.93 after a five-to-one consolidation and if exercised today would be worth about $3.89 million.

 
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