Mackec Yes it true but don't expect them to tell you that.
The Heemskirk Founders? Plan, which has been in existence since prior to Heemskirk's listing on the ASX in 2004, requires that 20% of Heemskirk?s Net Profit after Tax (?NPAT?) in excess of $250,000 each financial period will be paid in cash as a distribution to Heemskirk executives, Kevin Robinson (52.9%); Peter Bird (35.3%); and Mark Flook (11.8%), until the cumulative net profit of Heemskirk reaches $65 million, following which the cash distribution is 10% of NPAT in excess of $250,000 each financial period.
Just when they are about to get there snouts in the trough CQT has put a spanner in the works haha. These guys have a lot to lose here not just their jobs but their super as they would see it. But only up to $65mil lol.
Heemskirk has $29.1 million of convertible notes maturing in April 2011 and limited available cash reserves to redeem these notes.
Where's the money coming from for that to happen???
They don't care about shareholders they care about them no one else. All of a sudden they need your support the fend off CQT, when buy there own admittance they have not marketed the company well as stated by there CEO on broadband radio late last year. Well they should have got off there lazy .sses earleyer No sympathey for them to bad only for there shareholders.
They should not have had a market cap where it was before the T/O from CQT. The offer price is NQM board folt not CQT.
And if CQT walk away then its back to them sitting on there collective .sses relieved that they saved their super. What a joke.
NQM Price at posting:
30.5¢ Sentiment: Sell Disclosure: Not Held
