We NEED a new Chairman., page-105

"The issue of these Performance Rights is subject to Shareholder approval. These Performance Rights will vest in three equal tranches as follows:
i. Tranche 1 – Completion of Feasibility Study on the Manono Project;
ii. Tranche 2 – Execution of an offtake agreement for at least 25% of the product from Manono Project; and
iii. Tranche 3 – Completion of Manono project financing.

These conditions are not bad, I will vote yes for these rights."

I think they are not good enough.

Tranche 1 can be satisfied by completion of feasibility study - doesn't even say definitive (maybe preliminary would be enough). Doesn't say announcement of the feasibility study to the ASX.

In KDR's case the shareholders never got to see a completeded DFS - that info was never released before WES got exclusivity agreements in place with KDR management which made disclosure of drafts of the full feasibility study be shown to WES but not to the shareholders that had been waiting for it and whose share capital had paid for the studies.

Tranche 1 would be just as payable if Peter jumps the fence and starts working for Huayou whilst AVZ is paying him.

Tranche 2 - execution of offtake agreement for 25% - could see a terrible and crippling offtake agreement struck that ties up limited road capacity in the early days making other later deals impossible or problematic. PLS got themselves into trouble with offtakes I understand though its a stock I've never held.

Tranche 3 - could be a poor project financing which leaves AVZ little choice but to deal with Huayou.

In the 2 May announcement of Board Updates is this statement - "Peter's additional experience includes corporate and insolvency work advising on commodities transactions, takeovers, mergers and acquisitions, joint ventures, stock exchange introductions and offers for sale and rights issues".

Those skills (in takeovers, mergers and acquisitions) we may hope will be used for shareholders, but they are also able to be used against shareholders if the board decides to go with a low ball takeover incentivised to get their performance shares.

I don't think shareholders should be voting for these performance shares with these conditions - I think there should be better conditions.