Originally Posted by
Chris Roberts
Hi. The new CEO's remuneration package was announced to the market on 8 December. That package included the opportunity for him to purchase 3 million shares, by paying 1c per share now ($30,000) and a total price of $1 per share ($3 million), which is to be paid after 2 years and within 5 years. There is also a mechanism to determine the issue price at the 5 year Final Date.
The offer is made under the employee share scheme which most employees of NZOG participate in. However, as the CEO is also a director (Managing Director), the ASX rules require shareholder approval (The NZX does not). It's unfortunate that we have had to call a special meeting, but our advice was that for tax reasons the approval could not be left until the next AGM. We sent the Notice of Meeting out with the Quarterly Report to keep costs to a minimum.
I know a lot of contributers to this forum have never liked the employee share scheme, but the intention is to align employees interests with those of shareholders - we all benefit if the share price rises significantly.
Shareholders should take the opportunity to vote on the resolution.