Ann: Change in substantial holding, page-13

I agree.

I'll have to dig further but on a cursory look, & IMO, the CEO doesn't seem to have much of what might be deemed conviction or skin in the game in a Co. he's been handsomely rewarded to run.
The compensation on the figures we have has his remuneration at over $1.94 Mil. (AUD)
The average for a Co. with a comparable Mkt cap in the Aust market is circa $300K
He also seems to own very little by way of Equity which we have at only around 0.03%
Even the CFO is earning a healthy $500K & with seemingly no equity interest.

The Co. structure looks completely bloated. How many Non Exec D's does a Co. of this size need on the board ?
It seems 5 are rewarded circa $60K to eat the free prepped sandwiches and share the Grange.
All, apart from the Chair Gordon Naylor, own very little by way of equity in the Co.

It seems the only people making coin here are the invited clique on the Wine Tour party bus charged with running this ever shrinking & challenged little Co.
For my own interests I'll continue more research aimed moreso at the numbers but something that maybe relevant here is a quote from Buffett.

"I try to invest in businesses that are so wonderful that an idiot could run them. Because sooner or later, one will "
― Warren Buffett

It may apply here. But that's just my view.

More to digging (in time)

Best
MR