Ann: Terms of Engagement - New Syndicated Directo, page-2

re: Ann: Terms of Engagement - New Syndicated... well now. this is a serious corporate move. these guys are a pretty heavy hitting team. overall i am pleased i went SMD shopping in recent times.

to be frank i would like a chance to see the recent corporate review and to hear they new teams plans for the company PRIOR to voting on the extra shares.

that all said though, they are committing their own cash in up front, the oppies prices are probably fair (perhaps a little cheap) and the performance shares are all back weighted. the cash salary is probably a little high given the number of shares etc.

however given their cash input via the rights issue SMD is effectively getting 2 years of their time in exchange for the rights shares - probably a fair deal for all given their backgrounds and reputations. plus the oppies and performance shares should incentivise them to actually deliver.

so the next big qs are:
1) will the market like this news?
2) what will these guys do to unlock the value in SMDs assets?
3) will they try to get SMDs price moving by vending in a new project?
4) how will they move the company towards a presumably unavoidable cap raise to fund development (or any new project)

hopefully this is not simply a P&D play leading into a cap raise by unscrupulous brokers/ the initial set up for a pillaging or underpriced takeover. keeping my eyes open though.

all in all exciting times, and now we shareholders have a chance to see a bit of movement based on corporate activity, and not just solely from the drill bit.

glta