Sundance Resources (iron ore), as many here are aware were stripped of their ML through a ministerial decree by the DRC and ended up getting delisted by the ASX.
Earlier in their DRC mining venture, when things got tight, they sent the following message to the market:
"Sundance told the market today it had taken further steps to minimize costs, with the cash component of the managing director Giulio Casello's annual salary to be knocked down from $647.000 to $165.000. Chairman Wal King's pay has also been cut from $139,000 to $60,000, while Sundance's other executives have agreed to substantial salary reductions"
Why does AVZ management show NO leadership in this respect? the company has no income! cash reserves are depleting fast! through all this they've made ZEROEFFORT to reduce the management team salaries and send a positive message to shareholders. They instead have chosen to keep their heads firmly in the trough.
Why sort of message does this send to shareholders who have had their hard-earned money tied-up for nearly 12 Months, no-doubt placing some holders in financial stress???
Where OK Jack!! that's the message it sends.
Piss-poor in my opinion
AVZ Price at posting:
78.0¢ Sentiment: None Disclosure: Held
