Thanks Bort, after your patience in dealing with me I’m changing my approach, but as I haven’t got over those rampers yet, or that bee out of my bonnet (or selling $60K worth of A2M shares last year to buy more LNG) I’ve got a few other questions you might be able to answer. I’m trying to have a bit of faith in GV and the rest of management but when it comes to performance and results, I’m having a bit of trouble letting this go.
Firstly, if the company’s two main areas of focus are marketing our technology and getting the necessary approvals past, why are these two things costing so much money? Put another way, rather than just looking at the cost of this marketing and these approvals let’s put it in terms of performance and the salaries involved.
From the company’s 2016 Financial Report
1. Payments to employees and suppliers of $119,130,000.00
2. Performance and share based payment expenses of $14,300,000.00
I wish I could give you the CEO, NED’s, Financial Directors, Commercial Directors, Project Directors, Chief Technical Officers etc etc salaries but I could only give you the CEO and NED’s and rather than doing that, it just seems like quite a lot of people are getting quite a lot of money for what has actually been achieved through marketing given the only investors that have resulted from marketing are Meridian Energy and the Share Holders and the only marketing I have noticed of late has been the Investor Presentations and a picture of Magnolia on the cover of LNG Industry Magazine with no story to go with it. In the figures above, I’m pretty sure these don’t include the redundancies that took place during that period; I think that was a separate figure of around $10M.
I realise management have travelling AGM’s etc (and would probably be staying at places like the Shangrila in Sydney), but If someone could explain to me what percent of these salaries listed above, actually contributed to marketing and what percentage can actually be attributed to the acquiring of permits, I’ll try not to think about what percentage might have been attributed to trips to the Canadian ski fields. In short, a lot of money, very little return, a lot of performance based share rights, very little questioning relating to these.
Lastly, because I know you’d be getting sick of me by now, I see you have a legion of followers and you obviously deserve them, no doubt some of them just want to hear good news and no doubt some of them are cupboard haters, to the cupboard haters, I’ve got plenty of other observations, all I need is a little encouragement, and to you Bort, thanks again, you’ll be happy to know I’ve moved on from previous grievances, and hopefully the rampers won’t start using this forum to try and make a quick profit again.
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