Ann: Executive changes, page-43

Given the precedents of this company with "golden handshakes" I will make an assumption this redundancy will be no different.
I can only estimate what I think his payment could be based on the provision in the contract of employment for "Termination of Contract" whereas:
"Mr Plant and the Company may terminate the contract by giving 3 months notice."
~ As there was notice given and Plant's employment ended immediately would (IMO) suggest a payment of 3 months salary in lieu of notice?

So as much as the company has tried to act like they are doing what is best for shareholders, it continues to be lip service -- opinion.
As there is no redundancy clause in the employment contract, I would hazard a guess that a redundancy would be like any normal workforce redundancy which attracts payment (4 weeks salary) for every full year of service?

This would calculate at $24,060 redundancy (1 year full service) versus a $96,250 golden handshake, if the company had of followed the employment contract and provided 3 months notice. Yes, we would still have paid him the $96,250 whilst he worked his notice period, BUT, the company could have utilised his CFO skillset to get the 1/2 yearly accounts in order? because it is obvious that with all the financial skillsets the current board/management/secretary have (not to mention that half of them are principles of boutique corporate/financial advisory services) they cannot get this document completed and released?



Here is some fun facts:
~ Prior to Plant the Chief Financial Officer was Hughes, and overlapping both Hughes and Plant was also Ms Latonenko who was appointed (11th Nov 2020) as Financial Controller in the Corporate Office, skillset was/is a chartered accountant with extensive experience in West Africa (beats me why this was highlighted if she was only working at the office?) as well as Commercial Manager for Byrnecut Offshore Group.

~ Same day as Plant was appointed, Bartrop (company secretary) was also appointed - as perviously posted the roles of the company secretary but Bartrop came with extra skillsets that beggars belief as to why Firefinch (IMO) have poor governance, poor adherence to their own policies and procedures, poor shareholder relations, subjective reporting, failure to report (1/2 yearly), failure to report information a normal person would consider information to have a material effect on the share price ...... and in a mess!!!!!

His skillset includes:
~ 10 years experience in ASX listing rule compliance, corporate advisory, and corporate governance.
~ senior compliance officer for the ASX (Perth & Sydney) & AISC registered agent
~ Batchelor of Law and Commerce, Diploma of Applied Corporate Governance
~ Executive Director of White Label Corporate
(information from FFX announcements and LinkedIn)

Throw in the skillsets of the other Board members and management, and in the alleged best interest of shareholders destined the share price of FFX to be sent plummeting (when/if it does re-list) after the recapitalisation plan which was subsequently withdrawn put a worth of $0.06c per share value on a company that has over 210 million shares in LLL.

If they want to have the interests of shareholders, then STOP with any redundancy packages!!
I don't care if the likes of Plant have to sit around the office and do nothing for the notice period, rather than him getting paid for NOT being on the employ by FFX because of ...........

In the interim, the company has allegedly released 75% of their staff but we are still paying $23,035 per week for the five that remain!!!!!







Plus


AND more waste of shareholders cash with the use of Citadel-MAGNUS for all correspondence/interactions with shareholders
~ undisclosed amount ??????

In the Annual Report
The were:
~ Consultancy Services - $2,005,086
~ Travel $593,014
~ Employee Related costs $2,562,907
~ Administration expenses $2,024,788

Plus why Hughes was paid a termination payment !!!!




cheers