Quarterly Investor Podcast Q1 2023, page-4

"Let's be clear, the issue of these RSU's is non dilutive".

Wow, if this is the level of understanding about what is or isn't dilutive then I think we need a reshuffle to recruit talent that can at the very least understand what is and what isn't dilutive!

Heres the answer BOD. If you issue even 1 new share (The RSU's are fully paid ordinary shares) you are diluting the capital base of the company by one share. Not hard to understand really.

SO the BOD want shareholders to issue 8,000,000 fully paid ordinary shares to an ex Non Executive Chairman (Not even a direct employee) because he did not or would not exercise his options. Not even issuing like for like. Giving away free ordinary shares in exchange for options. At least when exercising options the company receives the exercise money in return for fully paid shares.

Great precedent to set for future directors who may resign with unexpired options of stock units that have not vested.

When have you ever seen an ex NED sue and win a case for not electing to exercise their options? I know the answer!

I have a question - Why do you feel that the Executives and non executives deserve a fresh round of RSU's when they have clearly not delivered on any financial rewards to their shareholders?

It appears that BRN is being reactive to shareholders ahead of the AGM in order to secure the votes required to go on with business as normal.

You can rest assured that when the voting is over it will be back to the same old pattern of providing little information to shareholders.

Disappointing to say the least. We deserve more.

I have voted accordingly.