Jubilee in ASA sights

DESPITE its failure to stop an options package for two independent Macmahon Holdings directors, the WA branch of the Australian Shareholders Association has retrained its sights on nickel success Jubilee Mines.

Ahead of next week’s annual general meeting, both the ASA and Jubilee have written to shareholders on the subject of an in-the-money options package for director Alan Senior.

The association is opposed to options being issued to non-executive directors, but also points to alleged flaws in the package proposed for Mr Senior, amounting to 500,000 options with a strike price of $3.50 each.

WA ASA chairman Anne Pryor said the package did not provide any incentive for Mr Senior to remain a director.

However, Jubilee executive chairman Kerry Harmanis said options packages allowed listed companies to offer competitive packages to their directors.

Mr Harmanis said the strike price was set before the share price rose and that Mr Senior had agreed to a 12-month vesting period, which highlighted his long-term commitment to the company.

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