Interestingthat the new Eml director, Peter Lang, recently joined the previous EML CEO TomCreagan, at ASX listed Douugh as a strategic advisor. There is previous history.
I'm toldthat Peter Lang used to work at asx listed salary packaging company McMillanShakespeare. An Australian bank used to provide the salary packaging payment cardsto all the salary packaging providers in Australia, including McMillanShakespeare but the bank were planning to stop the salary packaging product completelyand informed all the salary packaging providers. Peter Lang approached EML andtold them he could assist EML in getting the salary packaging business inreturn for profit share on any salary packaging business EML won. He wasengaged by EML as a salary packaging consultant receiving trailing commissionfor any salary packaging business EML won. Once the bank stopped the salarypackaging product, there was no one else to offer it other than EML so businesswas good.
EML eventuallybought Peter Lang out of the commission agreement by paying him 704,878 EMLshares (worth over $2m at the time). It must have been the easiest money evermade.
…seepage 22 of EML 2019 annual report here https://emlpayments-stagingcms.bla.bio/wp-content/uploads/2022/02/EML_Annual-Report-FY19_MASTER-_FINAL_20.08.19-2-2.pdf
“…In July 2019 EML agreed to buy back a contractual agreement with a SalaryPackaging consultant who assisted EML in signing key contracts and navigatingthe regulatory and taxation requirements. EML was paying a trailing commissionstream, which will now cease, in consideration EML has issued 704,878 OrdinaryShares at a cost of approximately AUD $2.0 million, recognised within ShareBased Payments expense in FY20…….”
Now PeterLang returns to EML as a director.
(20min delay)