Ann: Half Year Accounts, page-3

I asked Leanne about them last year and Glennon only gets $200k fee, which is still a lot.  Some rubbish about the portfolio being flexible because they have taken out $4m for the buyback and also the money for the massive blow out in working capital coming out of the investing money. Cashflows look bad also. Though I guess if they do a 10%  buy back every year and use the last $12m I would be happy with that outcome. The $200k is not that bad, it could be worse like HIL which has a similar market cap and 5 directors earning $450k.  That's another heiress who landed upon a public company. I would be more worried if they start appointing corporate advisers to the board, announcing acquisitions or more changes in strategy.  ECL would probably be better just hiring one individual for $200k to manage the portfolio, cant be that hard.  I would do it