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colincj

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14/11/16

18:59

Post #: 20609636
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Originally posted by jhsd ↑

As the AGM is only a couple of weeks away I thought I would start some conversation around it because this is one of the only real chances as a collective group we can have a say.
1. I have concerns about the incentive option plan & performance rights.

The company has to sell the first 1,000 ounces of Gold by 31 Dec 2018. (for me this time frame is long and just extra wages for the board)

How about we get serious about what an incentive is. Ever heard of carrot and stick. Make it a serious incentive, produce 1000 ounces (from Morning Star) by Dec 2017 and you get xxx incentives.
Produce xxx amount of ounces from Norton (yes I know it's on the back burner at the moment) by 1 July 17 and receive xxx incentives.
Meet KPIs of 10,000 ounces PA by end of 2018 and receive xxxx incentives
KPIs of 25,000 ounces by end of 2019 and receive xxxx incentives

How about some rewards on System Health Indicator (SHIs).
Plant refurbished and operational by xxx date gets xxxx incentives
Finance achieved and delivered by xxxx date gets xxxx incentive
Drilling milestones, JORC completion etc etc the list goes on for performance incentives and possible KPIs/SHIs.
And here's the big kicker, if you don't achieve certain milestones by certain dates then there are penalties (the stick), a bit harder to come up with though.

So the main problem I have with these plans is that they are really incentives they are just a bonus for DOING YOUR JOB.
If we were really serious we would have staff and directors and performance based contracts with a decent set of KPIs/SHIs that must be achieved each year and if they are not then some form of (liquidated damages) penalties, or whatever you want to call it is implemented.

I am putting my cards on the table and my 50 million votes will be against these resolutions in a hope that they may change into something more sensible with decent incentivised time frames attached.

Would like to hear others thoughts.

By the way we are now at $0.008 and close to our All Time Low with hardly any communication from our new board, time frames/milestones etc and they are talking about incentives!

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Nothing changed i have been waiting nearly 1oyrs.though i have scaled down a bit

MNM Price at posting: 0.8¢ Sentiment: Hold Disclosure: Held
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Upcoming AGM, page-2

Top Stories

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Essential Energy conference: Elixir talks up unlocking QLD's Taroom Trough

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