Issue of Performance Rights, page-4

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AlexanderJ

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21/02/19

19:29

Post #: 37521859
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Originally posted by dapper4343 ↑

I just received in the mail notice of a General Meeting to be held in Perth on the 20th March.
Item one is the Granting of Performance Rights to Mr Victor Rajasooriar (our new MD)
Now I don't have an issue with him being granted these shares BUT I certainly do have concerns on what the company has set the qualifying criteria at!!!!!
The first tranche of 2,000,000 shares will be issued if he achieves EAR's first gold pour within 24 months from the date of granting those 2,000,000 shares.
Just what is going on here, haven't we all been told that gold production will occur this year (2019)????
TO my understanding PERFORMANCE indicates achieving a better result than that already stated???
The next two tranches of 2,000,000 shares each are on even longer time frames, ie 36 months and 48 months respectively.
Our MD is on $360,000 per annum currently (not bad for a company that makes nil profit)
The management have made plenty of poor decisions over the past couple of years, namely their timing of capital raisings at shareholders expense and now they are giving 6,000,000 shares for nil return to the company on a very questionable performance criteria.
I certainly wont be voting in favour of this and neither should any other shareholders unless the company can explain why they have stated production this year (2019) and yet they are giving our MD 2 years to achieve it???

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Totally agree. Pathetic!

EAR Price at posting: 22.5¢ Sentiment: Buy Disclosure: Held
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Issue of Performance Rights, page-4

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