agm, page-23

westmoon

ask CEO if he didn't forgot to declare and pay the tax to ATO from his part of NTI's 2% of the sales made by VTI which are deposited to his account in Vanuatu.

also ask why the above was not enough as the incentive for directors and new incentive plan had to be forced on shareholders by the 'inside votes'

also from me, tell the Board that greed may catch up with them


(Investment extra, Daily Mail
6 September 2004)

Virotec's hit as bosses get boost

WATER and waste treatment group Virotec is chasing big orders, but they remain just out of its grasp.

Its two top executives need not worry overmuch - they have been awarded share options that add up to a £3.2m charge, pushing reported losses for the year to June to £5.4m.

The charge is not a cash item and counts the maximum possible awards. But should a group with £730,000 revenues hand out £3.2m of options?

It says the package was agreed in June 2003 and approved by shareholders in November. Meantime the shares rose and inflated its value. Chairman Brian Sheeran could collect up to £1.8m over three years, finance director Bruno Bamonte up to £1.25m.

The awards angered UK investors and the shares, 31 3/4p in June, have dropped to 23p.

Virotec has £200,000 revenue in Albania, which could double, and a five-year, £330,000 deal with French pharma group Rhodia. It has just over a year's cash.

UK investors, who now own 65%, worry about the Aussies' agenda. Virotec will soon appoint its first UK director. Two would be better.