Hi Guys Have just read through the notice of AGM and picked up...

Hi Guys

Have just read through the notice of AGM and picked up that the directors have got their hands up for options - basically 1 million each exercisable at 2 cents.

I have two thoughts on this:

i. That something may be underway if they are seeking to advantage themselves like this
ii. It's disgusting. In my opinion the directors have had a very ordinary 12 months with perhaps just 2 positive outcomes being the appointment of Dr Reid to transition from Rob and the securing of Lord Lamont. Make that 3 with getting rid of one Lundin director.

I'm not opposed to incentives for directors but note:
a. they already get paid a more than reasonable annuity for the work that they do.
b. there is no incentive in the options - they are barely out of the money at the moment.
c. again their recent performance doesn't warrant it

If they are to get them then they should be linked to performance and results. They should be exercisable at a price that motivates them to do some work to get them there and one that represents fairness to existing shareholders and option holders eg UCLOA and UCLOB are exercisable near and at 10 cents.

Other thoughts?