Lets drill into a couple of the JG statements:
"In general, our goal is to apply the greatestpossible proportion of every dollar that we spend to the task ofadvancing our R&D pipeline toward market."
Before that:
"We havereduced some significant costs, for example by eliminating manyconsultants and relocating our office to a less expensive location"
Just on the numbers, the office move SAVES about $100k. So JG got a BONUS of $190k for a $100k saving.... Nice one JG!!
It would seem from the company published results that the team is yet to achieve the goal of reducing costs. It would seem though that they have been excellent at redirecting funds into Board payments:
In my previous post, I compared externally to a peer company, now lets compare internally on PCP:
Board and KMP salaries 24 vs 23:
- Payments to the board increased by $270k or 130%
-Payments to KMP increased by $106k or 109%
This isnt evidence of "applying the greatest possible proportion of every dollar" in advancing R&D...
Note I have hidden Super / LSL as these are legislated expenses t make it a bit easier to read.
I was interested to look at the reductions as per JG statement in the Annual Report so I compared the FY numbers in the Q4 quarterlies... Unfortunately consultants doesn't appear as line item. SO some trips to Singapore gone and also looks like Koutchin savings but also possible reclassification of marketing items such as "just stocks" contract to "admin/corp costs so it looks like a reduction in marketing.
It isnt really though... Add those two (Advertising / marketing & Admin / Corporate) together and its gone up =$2.2m in '24 vs $2.05m in '23
So all in all, bonuses up. Board income up. Admin spend up. R&D spend up (due to a trial that was organised before the CEO started and any present trial costs already expensed into last FY which will make this FY look good but isnt good accounting practice expensing things if you dont have the bill.
As i said, if you have facts to the contrary please present them and Ill bake me a big humble pie in my "kindy' toy kitchen while I find a shrink to help me with my mental health issues and to get over my obvious envy.
Or, if you like me think this isnt quite right perhaps let the elected know....Lest they keep migrating funds from you pocket to theirs
Im off to have shower...
GLAH
