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Is this insurance normal for directors and is it regular...

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pierre23

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28/09/24

11:34

Post #: 75884347
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Originally posted by Shady Merv: ↑

I have had a look at this as well., as I wanted to check it out. This is the result.

Each year, at the AGM, the Remuneration Report set out in the "Full Year Statutory Accounts" is voted on. Last year it was approved (normal).

The 2023 Remuneration Report disclosed a $30,000.00 per annum increase in the MD's base salary, effective 1 January 2023.

This is what is said, verbatim:

(h) Service agreements Remuneration and other terms of employment of the Managing Director are formalised in an agreement. The major provisions of the agreement relating to remuneration are set out below.
P H Hwang, Managing Director
• Term of employment agreement – indefinite commencing 22 April 2013.
• Base salary was reviewed in June 2023 and set at $300,000, back dated to 1 January 2023, plus superannuation and is to be reviewed at least annually by the Board.
• Payment of a termination benefit on early termination by the Company, other than for gross misconduct, equal to six months remuneration.
• Agreement may be terminated by employee giving six months’ notice in writing.

Therefore. the increase was approved by shareholders last year.

There is no increase to be approved at the upcoming AGM.

Have a look at page 9 though where it can be seen that the company paid $500,000.00 for the 3 Directors' (Carlos Fernicola doubling as the Secretary) benefits. That is pretty hefty imo for a micro cap.

Note this too from page 11.

During the year the Group paid a premium of $45,280 to insure the Directors and Secretary of the Company.

This is of interest too - from page 34, under Current Liabilities:

Other payables – related party (i) $193,407 (in 2023 it was $270,442)

(i) These amounts represent the unpaid Directors’ remuneration that may be called within the next 12 months. The liability is unsecured, and no decision has been made by the Directors on the timing or nature of the consideration to be provided in settlement.

Finally, from page 4:

The Group is currently conducting a Feasibility Study on the prospects for mining and processing of gold ore from the Steam Engine Gold Deposit. Based on the highly positive results of the recent Scoping Study and the general gold price forecasts, the Board considers that there are reasonable prospects of development of the deposit within the next two years.

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Is this insurance normal for directors and is it regular practice for the company to pay it...? Are they expecting personal lawsuits?

I did note his salary was reviewed in June 2023. So where was his pay-cut this annual review?

Turning more and more into a lifestyle company, despite their carrot dangling talks of mine development.

SPQ Price at posting: 0.8¢ Sentiment: None Disclosure: Held
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