No comment to date from HC on a $1m incentive to Messrs Byrne...

No comment to date from HC on a $1m incentive to Messrs Byrne and Dredge upon commencement on mining at Mantuan Downs (Ann.Rpt 2008, p11).

Well this is pretty new to me - its not in the 2007 Annual Report, and is not mentioned in the 6 June Prospectus under Use of Funds (also p.11).

I would have thought that $1m would be pretty relevant compared to a rights issue that attracted $3.2M and which was all "spoken for" - right down to the $0.7M working capital - are they thinking this will be sucked dry to pay this incentive?

So anyway I look at the Auditors Report as you do, and find out that this year they omitted the statement "We have also audited the remuneration disclosures contained in the Directors Report". More mystery?

If the company thought enough of the frivolous claim by CRC CAre to make an announcement of the $0.9m claim and the grounds for not believing it to have substance, then my view would be that PEV needed to better disclose this large incentive.

Especially given that its to Exec directors and materially impacts any investors assessment of current cash status.

So why didn't they disclose this on 6/6/08 to Pattersons, Cygnet and public investors in Prospectus. They must have been contemplating it beacuse it ended up in the Annual Accounts dated 30/6/08.

Even then wouldn't AX require an announcement?