I feel for the 85 workers thrown out on to the streets. The current predicament is not their fault. But it seems good news for the remaining 431, and shareholders, at least for a while. Quite how much cash it saves remains to be seen.
From the last annual report $47.5m was spent on employees and suppliers, of which $11.25m was designated salaries and consultants, within which $3m went to NED's and senior execs. I'd be interested to know how much was spent on financial consultants defending against Cathay, as distict from engineering consultants helping to make the plant run better. And I'd hope both the salaries and consultants figure and the NED fees are way lower in the current year.
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