As someone who sold out a while back at 20c and 15c I am neutral and my observations are:
1. MC's pay would have been detemined by the baord or some process I would assume and don't the shareholders thorough the AGM remuneraiton process vote on this or is it just bonus'? I doubt he can decide his pay, handy gig if could though
2. Shareholders and the board seemed comfortable for many years with the pay and arrangements.
3. Now things have not turned out well which I assume all the board are responsible for shareholders are whinging and sooking and demanding MC be put on manager level pay of $200,000 which is peanuts these days! Many friends and clients of mine are on this just as an account mamager in sales for example.
4. My points to agree on the angry mob with are MC could be dialed back to $400,000 as the business is smaller now although argualbly revenue may be stronger than ever? And also some blame can be apportioned to the share price where it is to MC BUT it has not been simply MC running the show as there has always been a board. However not sure if he had a lot of influence here in decisions as the CEO. And I can understand at times someone needs to fall on the knife (or cop them in the back), just to appease shareholders and so the board is seen to be actively responding. This is business though, happens from time to time.
5. My other broad belief is there needs to be some sort of new direction without discarding the old but what this is I do not know, OR completely revert back to a more distribution and sales model and less R & D spending. Like a DDR.
6. The possible remaining and new directors I would have little faith in and would not want to hold shares in a company with an unporven and seemingly disjointed board. But in saying that at these levels prob worth holding now and liquidity is not exactly high.
GLTAH DYOR
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