1) The current market capitalisation is around $39m 2) Keith John's salary and options were $4.1m. This seems an unbelievable amount given the poor performance of the business and the market cap being only $39m. Surely this remuneration isn't based on business performance 3) Total employee costs were $30.6m. Keith Johns remuneration was 13% of total employee costs. 4) The Debt Portfolio $248m Borrowings of $201m, Equity of $54m. Net debt to equity is 353%. This is to high 5) The overall borrowing level was similar to FY20 but assets have reduced by $16m.
Pioneer needs to sort out its balance sheet. There is still to much debt and not enough equity.
PNC Price at posting:
55.0¢ Sentiment: Sell Disclosure: Held
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