Voting intentions

After receiving 2 phone calls, letters etc, and reading the Notice of Meeting, it is time to make a decision how to vote.

For a company whose share price has performed so abysmally over the last year, in my view:

i) The increase in payment to the MD of a package of almost $1m per annum reflects extremely poorly on the MD and the Board.

ii) In an environment where millions of options have just been issued in January 2019 to the MD, at an exercise price of 54c, 56c and 58c .... in circumstances when the share price has then dropped ... to come back and ask for more options ... now with a ZERO exercise price (i.e. I lost out last time -- surely I can't lose if we price them at zero!?) ... is also grossly inappropriate. I am also not favourable of Notice of Meetings that are predominantly dedicated to enriching the benefits of management - that is not the proper function of a NoM.

iii) Yimin Zhang: any existing director who has presided over this mess (and happy to approve the above) should go.

iv) APAC choice: Brett Smith: On the one hand, the Board clearly needs a re-shake (and 3 new directors coming). On the other hand, the APAC choice does not appear to be a cohesive choice, and may cause more disruption.

On balance, I am voting:
1. AGAINST REM report
2. AGAINST approving the return of any existing director
3. In favour of the ESOP (Employee Share Option Plan)
4. AGAINST issuing options at ZERO exercise price to the MD who has presided over this mess (and who seeks a package of almost $1m per year)
5. In favour of ratification of Placement
6. AGAINST APAC appointment of Brett Smith (albeit somewhat reluctantly)

So, in summary, a fairly grumpy appraisal of the existing Board, its capacity to govern and manage, and keep things in check. Without the APAC Section 249D application, we probably wouldn't even be seeing these proposed changes, so there is something to be said for the efforts being taken by APAC ... and maybe I will reconsider my position on the 6th point.