The last Austpac AGM I attended was in 2013. I went because it...

The last Austpac AGM I attended was in 2013. I went because it was the only way to get answers about the Employee Share Purchase Plan. The way APG reported on the plan made it impossible to understand what is going on.
Under the plan, employees were issued Partly Paid (PP) shares, which could only be held while you were an APG employee, and expired after 10 years.
Unfortunately, directors and the company secretary were also major beneficieries of these PP shares.
At the AGM, it became obvious to everyone, that directors were keeping expired (over 10 years) PP shares. Retired directors, that had left the company, were also keeping their PP shares.
Following the 2013 AGM, the company recovered 22,540,000 forfeited PP shares from employees (including directors)

But today a lot of the crap reporting has purged itself out. APG reporting is still impossible to understand – but now you can work it out for yourself (something the secretary and the board are not doing)

This is how to work it out for yourself
PP shares are forfeited after 10 years - so any PP shares issued at the 2007 AGM or earlier are well and truly forfeit .
PP shares are forfeited if you are no longer an APG employee.

This is a list of ALL the valid PP shares issued (ie are less than 10 years old).
2008 AGM   Tot = 8M .................. TC = 1.0M , MT = 2.0m , RH = 1.0M , others  = 4.0M
2009 AGM   Tot = 8M .................. TC = 1.0M , MT = 2.0M , RH = 1.0M , others = 4.0M
2010 AGM   Nil
2011 AGM   Tot = 15.4M..............TC = 1.5M , MT = 4.0M , RH = 1.5m , others = 8.4M
No more PP shares issued.

Adding the columns to get Totals
Partly Paid Tot = 31.4m ................ TC = 3.5M , MT = 8.0M , RH = 3.5M , others = 16.4M
RH (ex Director Rod Harrison) left the company in October 2017 fortfieting his 3.5M PP shares and reducing the total on issue further.
Partly Paid Tot = 27.9M ................ TC = 3.5M , MT = 8.0M , , others = 16.4M

Please check my sources , check my maths and then look in the recent 2018 Financial Statement and pay particular attention to the directors PP holdings.

So ignore the figures for PP shares in the APG reports – they are not true and factual.
Ignore the part at the end of the Annual report where it says Mr Micheal J Turbott owns 20,151,177 ordinary shares – it is complete rubbish and he should not even appear in the top 20 shareholders.

Wilcox