Ann: Important Voting Reminder, page-36

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dorak

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23/08/23

12:33

Post #: 69500343
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Originally posted by fooca: ↑

re: "Has there been any calculations regarding severence/outgoings and incoming costs if the vote is successful to replace directors?"
~ do you honestly think that this is a reasonable question?

Given that the Company is currently burning through circa $2M a quarter and the incoming (if elected) do not know what it is being spent on? or what/if any contract agreements are in place and what/if any exit costs are involved.
** I would opine/suggest that first cab off the rank would be having a look at the need for Citadel Magnus? to answer shareholder queries.
** One of the proposed directors pledges, is improved communications

Severance: Non Executive Directors
~ are not employees for the purposes of laws governing employment - as I understand it.
~ do not have provisions nor are entitled to annual leave or long service leave
~ employed under a service agreement
+ paid in cash plus statutory superannuation
+ paid fees for attendance at meetings
** current directors (excluding Hepburn) performance rights will be awarded under clauses if they are removed by the shareholder action
-- proposed directors have discussed fees and a reduction of 15% - 25% of fees (at this stage, but this may change) to the current equivalent board members.

** a cushion and duct tape? so the door hitting them on the a%^$ on the way out won't hurt?

Severance: Scott Lowe
~ already been committed by the incumbent Board
re: "points you communicated a few weeks back"
~ exactly where did you communicate these?

cheers

The content of this post is my opinion or information to a point in time, as in NED Fee's .. .. as this process has progressed both Franky1 and myself have been removing ourselves from the proposed director dialogue.
There is a crossover point in these actions that eventually comes and being privy to the proposed director dialogue / strategies / plans moving forward is (IMO) that time now, as they takeover the baton.

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Fooca can you contact me fairly urgently with mobile ----RE [email protected]

FFX Price at posting: 20.0¢ Sentiment: None Disclosure: Held
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Ann: Important Voting Reminder, page-36

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