And finally, how does the Wah Nam/BRM directors' option scheme...

And finally, how does the Wah Nam/BRM directors' option scheme stack up against section 622, given that a benefit linked to a bid is not allowed if it was made 6 months prior to the bid.?????

CORPORATIONS ACT 2001 - SECT 622
Escalation agreements

Benefits linked to bids and proposed bids not allowed

(1) A person who makes or proposes to make a takeover bid for securities, or their associate, contravenes this section if:

(a) a person acquires a relevant interest in securities in the bid class within the 6 months before the bid is made or proposed; and

(b) at any time whatever, the bidder, proposed bidder or associate gives or agrees to give a benefit to, or receives or agrees to receive a benefit from:

(i) a person who had a relevant interest in any of the paragraph (a) securities immediately before the acquisition; or

(ii) an associate of a person who had a relevant interest in any of those securities at that time; and

(c) the benefit is attributable to the acquisition or matters that include the acquisition; and

(d) the amount or value of the benefit is, or is to be, determined by reference to or to matters that include either of the following:

(i) the amount or value of the consideration for the securities under the bid or proposed bid;

(ii) the amount or value of the consideration for which the bidder or proposed bidder acquires, offers or proposes to offer to acquire, securities in the bid class during the offer period (whether or not under the bid) or under Chapter 6A.


http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/