Why would NewSat owe AB money? According to the accounts HE owes the company $915k (which he failed to advise the ASX at the time). He received his Financial Close Bonus Shares despite the financial close actually being announced months later - odd. One can even argue now did we ever actually have a financial close given the company broke the covenants even BEFORE the final conditions precedent were finalized.
Adrian Ballantine should not receive a single cent. However, we now know that the people on the remuneration committee were not at arms length so we can assume his employment contract will be particularly generous with other peoples money.
NWT Price at posting:
11.5¢ Sentiment: None Disclosure: Held
