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17:27
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Originally posted by elit
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Honestly, I don't trust Athan and I actually don't trust the founders (but would like to trust them as they are our BOD). This is due to my concerns around governance, particularly wrt lack of independent director /chairman and who heads up remuneration committee, and of course past decisions made/ resolutions put forward, not all of which were passed by shareholders. As do wonder whether salary increases certain BOD received explains why in particular founders support Athan.....for example wonder with sudden salary increases in moving from RYG and XPE (for example Chris Wood gets demoted from CEO to CTO but gets a pay increase along with Athan as move from RYG to XPE...never quite worked that out given generated no revenue to date outside of what came with acquisitions that spend more than they earn!, how can one justify salary increases?). Hence I do wonder if message from Athan to founders was something like hey I will increase yours (and mine) salary at shareholders expense so we make lots of good coin over next few years, so hey if don't succeed with our aggressive growth strategy we ensure we get good salaries and good returns at shareholders expense. And with founders biggest shareholders and supporting Athan, Athan perhaps gets there support for passing most of the resolutions they put forward. Just wondering......not of course saying this is what transpired but from my limited viewpoint on what I see with governance issues it does allow perceptions that this could happen. As also note First Growth Funds outside of Athan also has Julie, XPE's Company Secretary and also Michael Clarke (ex XPE?...at least I think, as not sure if still on payroll and if so what actually being paid for per previous mentions of his company being paid $150k p.a, need to get this confirmed as would be a concern if still on the payroll at this point for me). A little bit too tight crew for my liking with my governance concerns.
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Good post Elit, Investing is a confidence game, having confidence in the tech and certainly in the management..One i have confidence in and the other at this stage not a chance...
(20min delay)