Shame On The Board

Shame on the entire board of Tivan Ltd.

THE BRUTAL TRUTH:

Grant is being awarded millions and millions of performance rights if the share price is above 10c during the first half of 2026.

This is the same CEO who publicly said the company was “demonstrably undervalued” when we were around 10-12c.

Alarm bells? Red flags?? Is there anybody out there?

Here is the most sickening joke of all:

In Feb 2025, Grant was awarded 5 million Class A performance rights. These rights let him convert those into up to 25 MILLION SHARES if the share price reaches 10c!

That’s right — for every cent above 5c, he gets an extra share. So if the price hits 10c, he gets 5 times the shares originally granted.

Not too long ago he vested some of these. That’s why he gained 12.5 MILLION FREE SHARES recently.

MOST OF YOU HAVE NO IDEA WHY — and just accepted it as normal and celebrated!! Good grief.

THE REASON he gained these shares was simple:

The share price was above 5c, AND

He stayed employed.

THATS RIGHT, BELOVED RETAIL HOLDERS. YOU JUST GAVE GRANT 10. MILLION SHARES BECAUSE THE SHARE PRICE WAS ABOVE 5c and HE STAYED EMPLOYED. THIS IS EXCLUDING THE OTHER OUTRAGEOUS BONUSES HE WAS JUST GIFTED A FEW DAYS GO.

SHAME ON THE BOARD. Tens of millions of free shares if the share price is above 5c and if Grant stays employed. NOW THATS SHAREHOLDER ALIGNMENT FOR YOU.

Hang your heads in shame!

Would be admirable if it wasn't so shameful how retail are being controlled. The messiah complex is real!

I know many are hurting — I am. As a long-term holder who probably holds more shares than most on this forum I’m furious.

Yes, I will be selling the second I recoup my cash. Just putting this out there one final time for anyone not caught in echo chamber.. or hopefully.. for those who are as well!

SHAME ON THE BOARD.

Sources:

Tivan 2024 Annual Report – Notes to Consolidated Financial Statements

2025 Appendix 3Y Director’s Interest Notice

2024 AGM Resolutions on Updated Awards Plan

ASX Listing Rules 7.2 and 10