The Conygar Agm on Tuesday will be worth attending if the discussions on the recent director bonuses from another website are anything to go by. It seems that the property company NAV per share has fallen considerably but somehow the directors have extracted a bonus into the millions of pounds because they raised money from institutions in a very large placing. The bonus is clearly not based on the NAV per share decrease over the year nor the share price which has also fallen during the year. The company had a market cap of about £35m before the placing and the directors remuneration was a quarter of that. How does that work for shareholders and why do the institutions who put all the money into the placing allow it ?