despite loss, asciano board wants pay rise, page-6

buddy it doesnt surprise 1 iota,as ive been saying for ages the mob running the AIO show couldnt run out of sight on a dark night,however it really goes beyond dumb decisions to downright fraud & greed.

To see a ceo who actually acts for the company go check out what malcolm jackman has done over at elders,this guy & his business acumen is the type of style that makes a company or in elders case remake it.

elders had $1b of debt & was leveraged up 130% when it was called futuris,hes come in as new ceo,cleared all the fatcats like rowsthorn,taken the name back,sold off up to $700m in assets,brought in big banger QBE,done a $550m placement,spp,total recap...he aint lifted elders skirt for 12 months through a "MONETISATION" process.this guy is a goer not a paul little gopher like rowsthorn has always been.

at the same time rowsthorn is bringing up a big golly to give to the AIO shareholders plus the skullduggery of the bonus & oppies,over at elders mr jackman has walked in gone CRASH BANG WALLOP...hes got the job done & yes theres plenty of dilution but hes taken all the pain in one hit unlike AIO'S continuing debt drama.

what about this one as well the AIO board when giving MR the oppies said oh he had oppies at $8.00 & $3.00 something,so he wont get them so give him the $1.52 oppies.

it took rowsthorn 2 years to work out that the interest & amortisation being paid on the monster $2.9b x loans was ripping the guts out of their EBITDA & EBIT...der um gee whiz.because of the entire company being bought on the credit card the only way was to do a huge placement,spp etc.

first thing i would of been thinking of on the split was how to off load the entire debt in one go like 600m shares at $10.00...$8.00 at the lowest but once shorters came in it was all over,2.2b shares at $1.10 was the best of the worst.i predicted a $1.00 price

i honestly believe rowsthorn is totally out of his depth but hes allowed to hang on coz of his holdings,hes got pull that far outweighs his business acumen,he must be dirty on having to convert his toll shares into this dud & worst of all he said zero to little.

id say all this gross fraud & incompetence will go on forever until the board gets real or one of the instos say enough is enough.

have a look at parramatta & canterbury this years performance,parra ousted the emperor fitzgerald who ran the joint like his own company losing millions,since hes gone parra has gone from strength to strength.

same at last years wooden spooners canterbury,they put the broom through the place got rid of all the deadwood,brought in ennis,kimmorely,hannant,stagg & bang theyve gone great.

you cannot run a business especially a large entity such as AIO in the fashion it has been run,paying bonuses handing out oppies,$302m in divvies,losing $100m odd on buying bramble shares.they are treating everyone like fools

i reckon some of you shareholders should get together & send rowsthorn a serious message,stop using the companies credit card for your personal greed,remember the company has never made a net profit.

it wouldnt surprise me in the future you see some strike action on the docks,i know that the melb.dock has been upset with him for along time.