Bloky, I had assumed it was clear I was referring to the...

Bloky,
I had assumed it was clear I was referring to the investment firm which is a very substantial shareholder in the business, rather than its founder Mr Gray himself. Apologies if I didn't communicate that clearly enough.

Like GC, executive remuneration is my primary concern with this business. Furthermore, the fact management received substantial incentive awards during what has been a very difficult time for shareholders raises questions about whether the board sufficiently represents shareholders' interests.

It also raises unnecessary questions around IPD's credibility as an investment. In FY19 total revenue was $4.2M but the top 6 executives received remuneration of $7M ($2.3M in LTI). That's a $2.8M loss after paying 6 people (!). It is not hard to understand why a prospective shareholder would shy away from investing in IPD on this basis alone. There is a reasonable likelihood IPD would be significantly re-rated if the board could demonstrate some control over excessive management remuneration.

Given you are 'all in' on IPD, I would have thought this is something you might be interested in.