I'm happy my investment in Adairs is going well. I'm shocked at one of the ways this has been achieved. According to the AFR $5million of the $11 million Jobkeeper subsidy was used to "slash costs and deliver a 40% increase in annual earnings". I was a lazy shareholder and didn't participate in the AGM but would have joined the 20% who voted against the remuneration report. I didn't realise management have gamed the system to boost Adairs results. Jobkeeper subsidiies were about supporting workers who were affected by Covid. Any surplus should have been returned to Government coffers because guess what? We're going to be told the government "can't afford" to keep Jobseeker at the more humane level it has been during Covid. Yes online sales, Mokka etc are genuine achievements. Dudding the system isn't part of an admirable, ethical company and I want Adairs to return $5million to Australian taxpayers. Other companies rorting the system should do the same. Profit is not more important than principle!
ADH Price at posting:
$3.64 Sentiment: Hold Disclosure: Held
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