meeting feb 10, page-5

I agree!

The directors excuse for providing these FREE options to THEMSELVES is:
"......to provide them with additional incentive to continue those efforts for the benefit of the Company and the Shareholders."

I ask you, if the directors need these options as incentive to serve the Company, then why on earth are we paying them such high salaries and fees???
That is, the announcement says that directors are paid up to $75,000. In that position the director is entrusted to perform his duties as required as a director, which I am sure they do.

So why do we need to give him 1,500,000 FREE options (exercisable at only 25c!) to give him "incentive" to continue to do the job he is already paid for ??????

When the shares are at 23.5c, where is the incentive when they are almost "in the money" at 25c ???

The directors who are proposing this payment to themselves need to justify to s/h:
1. exactly WHY do the directors need this further payment to do their job?
2. why are the options issued free?
3. where is the incentive when the exercise price is just 25c when CMV is already 23.5c ??
4. why did the directors not provide for an exercise price such as 50c or 60c ????
5. is this "good corporate governance"?
6. where is the PROOF that the Board obtained INDEPENDENT expert advice to ensure that the interests of the shareholders was properly considered- as the ASX announcement referred to the fact that the "ASX Principles of Good Corporate Governance recommends against the issue of options to non-executive directors."

All s/h should vote against these resolutions - including the ratification of the previous issue.
cheers