How have Crusader shareholders allowed such management excesses given the total failure to deliver shareholder value?
Over the last 5 years, a period where the shares have lost 90% of their value, the board and management have paid themselves A$11m (£6m)
During the same 5 year period Crusader has lost around A$41m (£22m)
Reading the 2017 accounts I note that Robert Smakman left the company with A$622,000 in salary and entitlements. Not bad at all!
There is no sign of change as the new CEO joins with a annual package of A$360,000 plus an exceptionally healthy options arrangement. Paul Stephen is also on A$350,000
On the AIM this company, and it's board, will come under a lot more scrutiny.
CAS Price at posting:
4.3¢ Sentiment: None Disclosure: Not Held
