I agree that rights and options of directors are very annoying...

I agree that rights and options of directors are very annoying for those of us that have to use real money to buy our shares. This all-powerful Andrew Clifford character seems to be continuously cashing in options, I don't know how many millions he needs each month as incentive just to keep himself interested in his job and out of bed each day.
HOWEVER, I will say that ALL companies do this and PTM does it a lot less than some. Reading through the documents (see April 23 amendment), you will see that Kerr Neilson's holdings have been reduced by a little over 1% since June 2007 due to all the freebies and sales. So, really, it has not diluted the share price by as much as one might think and certainly not by as much as many other companies.
Still, I think though that directors should be rewarded with dividends (regular and extraordinary) that flow equally to all shareholders rather than pumping and dumping stock into the market and pooing on the parade.