Like everyone, I am disappointed with this announcement and how it has been handled by management. It is a clearly a set-back, and no doubt TV2 has just attempted to put a positive spin on it.
I agree with comments stating NF is paid too much. His salary certainly cannot be a measure of company performance, nor is it a good look, especially considering we are a start-up continually needing to source more capital to survive. In fact it's one of my biggest complaints with the public vs private sector. A private company would never survive if it took the same approach to its business dealings; nor could it justify such exorbitant wages.
I believe Mark Zuckerberg takes a salary of $1 per year, as do a number of CEOs of successful tech companies. Nick has a big equity stake in the company, so he will be richly rewarded if TV2U succeeds. Currently the company would be paying most of his travel expenses, so the question has to be asked, why does he require such a large salary? A lower salary would demonstrate that he is acting in the best interest of the company and shareholders, suggesting he is totally focussed on the company's growth and success.
For such a visionary NF seems to lack some foresight sometimes. Lucky the AGM isn't next week, as I'm sure there'd be some very angry shareholders in the room.
It's sad to see some long-termers and regular HC posters sell out this week; particularly those selling for a loss. I can understand though, especially if you've lost faith in management. I also sold out under the previous management.
Personally I'm giving this current management team a bit more time. I've resolved to hold TV2 for now, as I do feel they will eventually get this over the line. But they need to prove themselves this year. I want to see signs of actual revenue within 3 months. I don't want to see anymore dilution to current shareholders. I want to see the company start delivering on what they say, including keeping to scheduled or projected timelines. And I don't want to see anything announced to market without a clear strategy in place to create a viable revenue stream. In other words, don't get the market excited by using buzzwords like smartcities and IOT if you don't already have a plan in place to deliver... And finally, if money is tight, NF should take a pay cut. Simple as that.
That's my 2c, hopefully we get back there!
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