the cmi story, page-27

Hi Tapdancer,

Thanks for taking part.

I certainly hope that you prove to be correct with your expectation that the result will inevitably be positive for the minority shareholders. But I must say that I am not as confident as you appear to be. I do think that there is a long hard road ahead of us and it would be a mistake for shareholders to think that it was going to be easy or inevitable. I also believe that we are going to have to be proactive and force change here not just sit back and wait for it.

Continuing on with the saga, the annual report shows that in 2009/2010, Raymond Catelan's remuneration increased by 32.3 percent thanks to a bonus of $99,996 even though shareholders have not received a dividend for almost three years now. Raymond Catelan's nephew, Richard Catelan, was paid a bonus of $62,497 even though TJM products, has been thrashed by its major rival ARB Corporation Limited since he took charge of that division. TJM had a pretax loss of $1.4 million in the latest year even allowing for a hefty insurance payment. ARB had a pre tax profit of $44.8 million. The Chairman and Managing Director roles at ARB are filled by the one person, Mr Roger Brown, yet he is paid less remuneration than either Raymond or Richard Catelan.

GPASAS