A new company, recently listed after purchasing fishing licenses and boats and infrastructure, and a vertically integrated seafood marketing and sales company.
Half year revenue of approx $500K.
CEO's first year payments, including salary and bonuses (but not shares), approx $1 million (from my understanding - but I am happy to be corrected if I have read things wrongly).
Either way, how can a new company, without any history of performance, pay their intial CEO this type of salary and bonus.
One would suspect, that perhaps there is nothing but pure greed in operation here. Time will tell, but these small caps perpetually disappoint with their remunerations, they always have excessive sign on bonuses, excessive salaries, excessive free share options, excessive performance bonuses, excessive retirement payments - in fact it's all incredibly excessive.
None of these guys deserve anywhere near these figures, they just take what they can get away with, and they haven't even earned it yet, the company has only been listed a few months.
Human psychology is an interesting study. If you give excessive amounts away to people who don't need it, or deserve it, then they won't expect to work for it either, and will not work hard, nor will they appreciate and cherish the reward. They become blue bloods who think a life of ease and privilege is their right.
I'm not saying the directors of MTM are like this, definitely not, I'm just mouthing off because I am disappointed with their remuneration package. They may grow to actually deserve the money, and then good on them. But my-oh-my, why wouldn't you be happy with just half a million dollars in the first year as a salary, bonus and sign on - who wouldn't be? Personally, I don't think CEO's even deserve that, I would offer around $250K with maybe a $50K bonus. I'm tired of seeing their Ferrari's around Subiaco.
I'm disappointed, I had great hopes, but humans always let me down.
I was intending to build up a stake in this company, but now have decided just to keep my small holding for the moment. Let's see how things play out.
Gw
MTM Price at posting:
27.5¢ Sentiment: Hold Disclosure: Held
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