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clock Created with Sketch. 27/08/14
21:59
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Originally posted by aventurine
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Macleod - first things first - I’m not disputing or in any denial about the loss and what needs to happen from here. Sam’s question was quite a good question in that we all need to reflect on where our investments are at from time to time. Did today’s AR undo or tarnish some of the recent developments? And as we both know opinions are like backsides – we all have one. Nothing is quite as black and white as you'd like to make it out. For example the 40m options - 20m of those went to the two new NEDs as a form of incentive (hopefully long term) and for getting them on board not for the $17k of sales to that point in time. The 20m options that MR & MJ got are more debatable and was hotly debated at the time on HC. That was also reflected in some of the votes that were cast at the GM. From memory the expiry on all these options was cut by 2 years to 2017 and in line with the listed options. You're also assuming that the CEO bonus was in relation to sales. Maybe it wasn't? The bonus could have been for combinations of - manufacturing agreements, cost control, raising a certain amount of money, getting the ecommerce site established and going or getting rid of LSR etc etc but there’s nothing to say it was based on sales. I don’t want to ever be in the position of defending any management team that sets their own pay conditions. But I think you are being opportunistic in linking those past incentives to sales. Perhaps sales criteria should have been the key or only measure but clearly it wasn’t last time around. We all know that ultimately, in time they need to make sales and profits - that's a given - and we all know what an Auditor's going concern qualification is all about. Most of us suspect another CR is on the cards whilst the company continues to buy time and get the pipeline of products to market. As for your frequent take on "rehashing" announcements and newsletters I disagree with you. I say in building their new brands from scratch everything has been either revisited, reinvented, re-engineered, recast or rebuilt from the ground up. Yes it may have come with some duplication but I'm not convinced things were always completed in the past like we were led to believe they had been. You'd have to do your own DD on that. You're right on us having no guidance on sales and perhaps we shouldn't have to have such faith. Speaking of faith - you must see some upside from here otherwise with all your knowledge and insights you would be gone by now?
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"Speaking of faith - you must see some upside from here otherwise with all your knowledge and insights you would be gone by now?
