Ann: Issue of Performance Rights, page-9

Well I guess they have to issue time vested rights, because none of the existing performance-based incentives (shares/options) will ever get realised now because there have not reached the set targets. Continued service is about the only target they can guarantee to reach as there is unlikely to be any significant SP rise from here.

But I don't see this as such a bad thing. We are not talking big numbers based on current SP, 1M shares equates to 80K and it gets paid out over a two-year period. The incentive therefore is not about hanging around for 24 months to collect 80K. The incentive is for management to achieve a sale of all assets; and about getting the sale done above 80M (as stated in the last of the conditions). They achieve that and they get their shares early and they will be valued at the sale price rather than the current SP. I kinda like that incentive...it works for me.