Cash backing of 35cents and present price is 24.5 cents.
Now announce another buy back of 10% of shares issued.
Therefore ... would that then take Evoworlds shareholdings up by 1o% to 44% because of less shares on issue ... ?
$18 million in the bank and paying directors good salaries to do nothing or is it a cash grab by stealth ... or DEJAVU .. SEE what happened at INDAGO RESOURCES below.
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Evoworld has specifically stated that it will seek to reduce corporate overheads. However, this does not seem consistent with what occurred in relation to Indago Resources Limited, one of the companies Evoworld cites as an example of a recent successful transaction its directors have been involved in. To quote a report in the WA Business News in 2010 on cash and equity remuneration paid to directors of WA companies: Messrs [Timothy] Kestell and [Peter] Pynes each received just less than $6.05 million for the year [FY2010], notwithstanding Indago’s negative one-year TSR of 25 per cent. The report also noted that Messrs Kestell and Pynes were the fourth and fifth highest paid executives in the survey done by the WA Business News. The total remuneration (including equity payments) paid by Indago to Messrs Kestell and Pynes during the financial year ended 30 June 2010 was almost $12.1 million, when Indago’s market capitalisation as at 30 June 2010 was $40.28 million
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NEN Price at posting:
25.0¢ Sentiment: Hold Disclosure: Held
