@mikebrisy I am running around doing other things. However I did see the LTIP payment and while I was taken aback (its pretty hefty) I surmised that to the market generally, this was a "known known" and will have been mentioned in previous announcements and reports and further surmised that I had not dug in far enough to this area.

I find Blair comes across as an impressive character who is confident and well versed in the company - as he should be. Just to say, he presents very well.

Now (Edit: Blair presenting so well) this makes me suspicious. Is he too good to be true?

He certainly seems to have this whole under promise over deliver thing down.

But if he hits or over shoots the targets and the company and shareholders are doing well, where is the problem? I ask myself.

Recent CEO behaviour in other companies on the ASX has only heightened my suspicious nature.

This nonsensical ramble is my way of working through it a little in my head.

@Arizona I know we are in a week or two where CEO behaviour has become a headline topic ($WTC, $MIN, $LOV-new guy, $SUL etc.) so just to be 100% crystal clear, I did not mean to imply anything of the kind or in any way question the behaviour at $BIO.

I have no doubt, that the LTIP payouts are in line with the Rem Report, and that these have been in the public domain for years - because they are LTIPs.

Shareholders who have been onboard for 18 months or more with $BIO have enjoyed a 10-bagger. I imagine, they'll not begrudge Blair his LTIP one iota. My perception as a newcomer, later to the party is therefore different.

(On a personal level, I have been the beneficiary of 6 successive years of LTIP payouts that were worth more than I think the Board ever intended for me to enjoy and, is the sole basis on which I am now able to be a full time investor. It's always felt to me like "Bank error in your favour, collect $200"! So it would be hypocritical of me to criticise the success of another.)

It is a simple fact that focussing on financials and adjusted numbers can mask the impact of compensation schemes on shareholder value. We've discussed that on this forum before with other high growth small-caps. Today's 4C shows very clearly how material these schemes can be in impacting the operating economics of a firm. That's on us as investors to do our due diligence. Buyer beware, and I'll be honest and say that today surprised me because in investing in $BIO I didn't look hard enough at the remuneration structure. And that's on me, and me only, I will now surely do this before increasing my position size in due course, as I hope to.

I hope I have clarified what I meant.

Hi @mikebrisy

I just reread my comments and realise I could have worded myself much better. My apologies

I'll edit the post to say what I meant.

I did not in anyway mean that you were implying anything at all. Far from it. Purely my thoughts.

I have for some time been impressed with Blair's presentation and being the sceptical person that I am I question my own judgement that is all. He has done nothing to deserve my scepticism.

This questioning precedes the broader ASX news of late.

I hope I have made myself a little clearer.

Thanks for the discussion

P.s I have edited my previous post, but it's not put together that well. bit of a mess really. Please don't take much notice of it. I was throwing together on the fly and really should have waited till I was focused.