Ann: Annual Report 2017, page-5

Re: Director options,

1. I think the amount being allocated is excessive. Approx 7% of current shares on issue as others have stated. Especially after spruiking that "dilution is the enemy" and "tight as a drum structure". Walk the walk if you're going to talk the talk.
2. Exercise price is far too low. For crying out loud, the share price has reached the first trigger at least in each of the last two years.

Really enjoying the ride we are on. But SM, we are not a "blue chip" anything just yet. Executive remuneration (this issue of options excluded) is pretty fair at the moment. Maybe they forgot about the 15 to 1 consolidation when granting the options.

Also the cynic in me suggests news flow won't start again until these options are granted. I mean any sniff of more cashflows and we should be above the first exercise price, bit embarrassing maybe.