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Am I interpreting this correctly? Jimmie taking a 25% cut of the...

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Zifter

66 Posts.

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25/02/22

21:23

Post #: 59834677
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Originally posted by fleXi007: ↑

what is this?? on page 5

Events subsequent to reporting dateOn 1 February 2022, Hong Kong Debt Management Services Limited (HKDMS) (major operating subsidiary) entered into a trustee service agreement with Jimmie Wong to compensate his services as bankruptcy trustee. The fee consists of i) HK$450,000 monthly service fee circa A$81,000 and ii) 10% earnout which is calculated based on HKDMS’s monthly revenue roughly around HK$300,000 circa A$54,000.Other than as outlined above there have been no events subsequent to the end of the period which would have a material effect on the Group’s financial statements for the half-year ended 31 December 2021.Auditor’s Independence DeclarationA copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 6.Wong Ka Sek, Jimmie Executive Chairman

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Am I interpreting this correctly? Jimmie taking a 25% cut of the HK revenue in fees - roughly $1.5m AUD annually??
OMG, bend over and take it, the Jimmie special.

CI1 Price at posting: 1.2¢ Sentiment: Hold Disclosure: Held
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