I agree LTI and STI's are there to reward performance; these guys need a knock back. I am particularly annoyed about Davies and Kennedy who were "founders" who got 4m free shares and 4m options in 2007. These "founder' than went on to make $11m each in 2011 by selling their options The "founders" then went on to almost wreck the company in 2013/14 and then after this near death experience we still have Davies and Kennedy on the board. Davies (who was most responsibly for the fiasco was MD and STILL on the board). Davies has also since sold most of his shares (now has 1m). I understand the good ship "Silver lake" (that's its name) still cruises around the Swan river and Les takes his Harley Davison's on runs in the US. You may also remember the way Les moved from MD to an NED in 2015; he resigned as MD on the day prior to the AGM (but sat on the board table during the AGM) and was appointed as an NED the next day thus avoiding a SH votes until the 2016 AGM.
You may also recall how Luke Tonkin (I like the term "cool hand" Luke) at the 2015 AGM openly admitted that he would not buy SLR shares (with from his own assets) since he claimed "he was a poor investor" but if he was awarded shares they would be gratefully accepted. To this I recall an investor comment of "the pig has a greater commitment to the breakfast than the chicken".
I am not only keen to vote against the rem report but also the re-appointment of Kennedy to the board; would love to see a resounding "no" vote on both counts. A "strike" (25%+ against) against the rem report would send a powerful message as the whole board would be required to resign if they get a second strike in 2018/19.
SLR Price at posting:
37.5¢ Sentiment: Hold Disclosure: Held
