Ann: Notice of General Meeting/Proxy Form, page-6

Hi Fellas,

Smokings very amusing theory thinking I’m Rob because I’ve been very supportive and impressed with the several high class discoveries is to be dispelled albeit I still maintain there’s a high potential for a major rerate within a few months...   

A but, and this “key but” should convince Smoking and others that I’m not in favour of any options being issued to directors now, given that options are really “incentive bonuses” and as I’d be much happier to see them issued on the basis of actual “prescribed measurable performances” with really clear criteria e.g. year on year increases in Peels share price, and they should only be issued after achieving major milestones, such as, mining with profit, and after profits are distributed, by way of either a special bonus (return of excess capital) to all shareholders, or once dividends are paid to all common shareholders. 

I usually attend AGM’s and I’ll vote accordingly despite odds of my vote counting or succeeding. 

I believe current salaries are moreover  than reasonable and especially as shareholders supporting capital raisings do suffer... ergo no bonus heading our way, and it’s not as if salaries are low or temporarily adjusted downward until we start putting cash back in the kitty.  

If Saturn come up with a major increase in Apollo Hills mineable ounces and and if Mallee Bull goes ahead then maybe that’s the time to reward staff & Management.