how does management cash out

a few thoughts...

management runs low cost high grade aussie gold producer for years. company makes tens of millions of dollars from very successful mine. a mine other companies would dream of setting up

they pay themselves average wages. they give generous options deal which is barely in the money but even if converted who do they sell to? there's no buyers!

they dont get rewarded via dividends.

md has 11 million bucks of paper wealth which at one stage was worth 25million + but cant cash in any of it based on liquidity

they have been very smart in hoarding the gold instead of selling at lower prices 3 years ago.

whats in this for them? no effort made to increase shareprice?

maybe sell out to barrick who own 51% of the mine? if so, when? why hasn't barrick made a bid when they were 70c? selling to barrick seems the only way to cash in their shares when selling on market looks impossible?

what about mining all the gold, buiding up net assets as they've been doing then cashing in via a final dividend? that doesn't seem logical because it would be less than managements actual shares could fetch?

june 30 2009 annual report showed net assets of 45 mill. half yearly 2010 showed net assets of 55 mill. annual report 2010 will probably show at least 65 million. 2 more campaigns have since been undertaken which will not show up in the upcoming annual report which means current net assets could potentially be 75-85 million?

what are we missing here? how does management win from all these years of riding the great gold boom yet they only take average wages, own shares they cant sell and dont pay dividends (yet)? shareholders must win at some stage because it defies logic that management wouldn't want to as well considering they own so much of the company

all comments appreciated