Serious action is required here for 9Spokes to have any chance...

Serious action is required here for 9Spokes to have any chance to survive!!

Costs need to be cut significantly, most of the money has been spent this quarter, but still a month left and they need to dial everything back ASAP.

Let's start with those responsible:
- Estall should take a pay cut, back to $300k max
- Grant back to $200k
- Why the hell are we paying the Non-Executive Chairman $235k to attend 8 meetings a year? Worth about $80k given the amount of value he has helped destroy for shareholders
- And yet we manage to pay Mr Power even more, at $317k, for his social media antics
- Even Wendy is massively overpaid at $140k a year
In total, they dropped $1.33m on this team last year, when they should only be paying them $700k in total:
- Estall ($300k), Grant ($200k), Reynolds (90k), Power ($50k) and Webb ($60k)
That would save about $175k a quarter.



They then need to cut staff by at least 20% instantly. They had 92 staff at the end of the March quarter, this needs to be worked down to 50 staff by the end of this year. This would help reduce last years staff costs significantly.

Travel increase 29% last year, but why after they hired new sales and marketing staff in the US and UK, shouldn't it be reducing now?

So many other simple changes that could be made here, I said yesterday that the stock market is a voting machine and well the share price is showing a bad set of poll numbers. To change sentiment, significant action is required from the Chairman (where is he?) and the Co-Founders!

The Co-Founders actually have the most on the line, their investments have decreased from a listing value of $16m, to $1.6m today.....you think they would have the incentive to make the tough decisions and present a compelling turnaround story to the market.......they definitely didn't do that on Tuesday.