Attention to the following GGP directors & management:
Steve Graves, Managing Director Sam Russotti, Chairman Frank Petruzzelli, Director Frank Brophy, Director Chris Bowyer, Company Secretary Chris Ritchie, Financial Controller
This is a timely message because you are now heading this company in a new direction with the purchase of the Wolfberry Trend in the Permian Basin, Texas and GGP's shareholders have stumped up the cash in the past and are about to do it all again, so you would have to think isn't it about time all GGP directors and management did the same and start to show a little more confidence in the direction in which you are now taking this company
Show the loyal GGP shareholders that you do believe in what you can achieve, by for example, all directors and management outlaying around $100k each of your own money for GGP and with the SP at this level it's really value ATM, is it not?
If you happened to look in as an outsider, even you would have to notice the tiny shareholding (by comparison to the total number on the register and the worth of these holdings) you and the other directors have and I'm believing these shares and options did not come out of your own pocket but were allocated, please correct me if I'm wrong in this regard
So, would you all consider showing more confidence in the company that you both manage and draw a very high yearly income from, which incidentaly is ultimately paid by all GGP's shareholders, by at least using some of your own hard earned to purchase stock in the company at current SP levels
Thank you, emc2
DIRECTORS HOLDINGS:
Stephen Graves (Note 1) Director Shares 2,802,542 Quoted Options 489,021
Sam Russotti (Note 2 & 3) Director Shares 1,069,287 Quoted Options 198,753
Frank Petruzzelli (Note 4) Director Shares 2,371,374 Quoted Options 379,149
Frank Brophy Director Shares ZERO Quoted Options 2,000,000
Total Director Shares 6,243,203 Total Director Quoted Options 3,066,923
Note 1: These Shares and Options are owned by Mr Grave's spouse, Kathleen Graves.
Note 2: 160,098 of these Shares are held by Mr Russotti on behalf of other people and are not beneficially owned by Mr Russotti.
Note 3: 29,758 of these Options are held by Mr Russotti on behalf of other people and are not beneficially owned by Mr Russotti.
Note 4: 811,492 of these Shares and 89,208 of these Quoted Options are held by the F & A Petruzzelli Super Fund,
Remuneration of Directors
The existing board of Directors consists of a Managing Director, and three non-executive Directors. Shareholders have approved the Company paying Directors fees of up to a maximum of $200,000 per annum to be divided between non- executive Directors as they see fit, until such time as any different amount is approved by Shareholders.
Stephen Graves, Managing Director: * Term of agreement The current consulting arrangement commenced on 4 February 2008 on a monthly basis. No terminations benefits and no notice period are specified in the consulting arrangement. * Monthly salary of US$40,000 is paid. * In the past two financial years and for the period from July 1 2010 to the date of this Prospectus, Mr Graves has been paid total remuneration (including superannuation and non-cash remuneration) of $1,273,578, of this amount $307,290 related to share based payments and $11,692 related to provision of directors' and officers' insurance.
Sam Russotti, Chairman: * Annual non-executive fees of $60,000 (inclusive of superannuation) are paid. * In the past two financial years and for the period from July 1 2010 to the date of this Prospectus, Mr Russotti has been paid total remuneration (including superannuation and non-cash remuneration) of $241,179, of this amount $11,692 related to provision of directors' and officers' insurance.
Frank Petruzzelli, Non-Executive Director: * Annual non-executive fees of $60,000 are paid. * In the past two financial years and for the period from July 1 2010 to the date of this Prospectus, Mr Petruzzelli has been paid total remuneration (including superannuation and non-cash remuneration) of $175,692, of this amount $11,692 related to provision of directors' and officers' insurance.
Frank Brophy, Non-Executive Director: * Annual non-executive fees of $45,000 (inclusive of superannuation) are paid. * In the past two financial years and for the period from July 1 2010 to the date of this Prospectus, Mr Brophy has been paid or is owed total remuneration (including superannuation and non-cash remuneration) of $55,016, of this amount $5,016 related to the provision of directors and officers insurance.
GGP Price at posting:
1.3¢ Sentiment: LT Buy Disclosure: Held