To be fair - have you actually read the
Half Year Report and Accounts? I refer you to
Note 11 and the accounts.
Anyway, I can make it easy for you - nice guy that I am.
If you had read the above report you may have noticed the following.
1. "
AGMPL is a company owned and controlled by Pnina Feldman."
2. "
AGMPL provided suitable fully serviced offices to the Group at its Sydney offices at 24 Birriga Road, Bellevue Hill, which includes use of office space, kitchen, daily cleaning, and essential office infrastructure, including telephones, fax, printer, broadband internet connections and suitable office furniture."
The rent for those premises increased from $54,000 in 2016 to $84,000 in 2017. A ~
36% increase for what I would ask?
3. "
The Company and Australian Gemstone Mining Pty Limited (AGMPL) are parties to a management services agreement (Management Services Agreement) dated 1 July 2007, for the provision by AGMPL of executive and corporate services, including geological and technical expertise, to the Group by the following executives:
• Pnina Feldman – Executive Director, Business Development;
• Dr Robert Coenraads – Head Geologist, Exploration and Mining; and
• Sholom Feldman – Chief Executive Officer and Company Secretary.
In respect of each of these executives(Key Management Personnel), AGMPL was paid a retainer for the half-year ended 31 December 2017. The Company was also reimbursed for all reasonable expenses incurred by or on behalf of the Key Persons."
With respect to the "Management Agreement Service" that cost increased from $156,000 to $312,000 - hmm ... a nice tidy
50% increase from 2016 to 2017.
4. "
AGMPL also provided additional administrative services to the Group, such as secretarial, accounting and office management services. These services were provided to the Group by AGMPL on reasonable arm's length terms as approved by the independent director(s)."
The "administrative fees" went from $18,000 to $138,000 - now that's a tidy little
increase of 750% from 2016 to 2017.
Remember AGMPL is owned and controlled by Pnina Feldman. Ms Feldman is also a Director of QBL (the place where the cash comes from).
So let's add up the dollars that AGMPL (owner one Ms Feldman) receives from QBL (your company).
Rent
$84,000
Geologists Fees
$180,000
Management Services
$312,000
Administrative Fees
$138,000
Even from the obvious stuff Ms Feldman's
AGMPL received $714,000 from QBL in 2017.
And you would have to ask for what exactly and how are those increases justified?
If none of that concerns you - that's fine - but do not have a go at others for pointing out facts that are contained in QBL's certified accounts. If, the facts are uncomfortable for you that's ok as well, but that's not the fault of the person pointing them out to you.
You see what I mean about people not actually reading stuff?
The HC QBL rep provided some answers to these questions a while ago. At the time I just couldn't be bothered responding. However, in my view, those answers were not what I characterise as forthcoming. And I suspect they were only answered because I hammered away on the issue.
Oh and by the way ... the "Management Services Agreement" has been in place since 2007.
Hmm ... irrespective of the liberal increases in expenses to a
related entity - this ought to point you down the road of at least asking ... why?
Frankly, I think it is absurd and QBL looks like a cash cow for AGMPL.
Oh and one other thing - if you look at the positive posters - many joined HC in November 2017 - why?
