Ann: Change of Director's Interest Notice, page-19

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SteveSage

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01/07/19

09:51

Post #: 39314542
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Originally posted by hicbart: ↑

@SteveSage

The 300K that you mention in the 2018 Annual Report was fees paid to Strong Solution Pty Ltd, not directly to Frank Poullas.

As noted in the report, the nature of the relationship states "Frank Poullas is a related party of StrongSolutions Pty Limited and a director ofMagnis Resources Limited"

I am sure you are smart enough to know that when you pay $10 to McDonalds for your Big Mac meal, the whole of the $10 doesn't all go in to Ronald McDonalds pocket. He has to pay employees, he has to pay insurance, he has rent and other building costs, he has to pay for capital goods and of course he has to pay for products and produce that go into making that tasty $10 Big Mac meal that you've just taken a bite out of.

The MNS Annual report doesn't have to break down the costs of Ronald's $10 Big Mac meal....that's Ronald's job when he does his own report. We just have to report that we've paid $10 for a Big Mac.

So when you take into account the above, how much of that 300K do you really think ended up in Franks pocket? Probably less than a 10% of that value..which is a hell of lot less than the 285K number that you've come up with.

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Frank P is the Chairman of MNS; I'm sure that his company incurs some costs on behalf of MNS which should be reimbursed, but a company that has ~5-6 employees spending 300k on IT services seems accessive.
And if it's for IT consultancy (note what this company actually does and the day to day activities), then what is the Chairman getting paid $120k if not to provide some advice.

MNS Price at posting: 19.0¢ Sentiment: Hold Disclosure: Held
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Ann: Change of Director's Interest Notice, page-19

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Ann: Change of Director's Interest Notice, page-19

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