Australia's largest stock trading and investment forum Australia's #1 stock forum

SPT

Click for more information

0.00%

7.5¢ splitit payments ltd

I cannot emphasise this enough.Please make sure you guys vote...

First 21 Last

Share
Profile

Follow
MattNiss

64 Posts.

7

10/10/19

19:46

Post #: 40822663
Share

Originally posted by jdon: ↑

If anyone hasn't read the SMH article here it is again:

disallowed/business/companies/splitit-founder-and-chairman-seek-2m-in-fees-and-share-bonus-20190930-p52wbi.html

Basically, the CEO who is stepping down (Gil Don) has not met his performance target of $150M in billings (annualized) for the year. To do so, Splitit should have total billed volume of $75M for 1H 2019. Splitit only billed $34M.So Gil Don has missed his target by miles.

Yet he still wants to be paid his performance bonus IN FULL. Which I think is absolutely outrageous! Who the hell gets paid their full bonus when they miss their target by more than 50%? If you hold Splitit shares THEN PLEASE VOTE IN THE AGM. It's very easy. You can do it online here:

https://investor.automic.com.au/#/loginsah

1) You will need your HIN number. If you received the Splitit Notice of AGM in the mail, your HIN is given on the top right of the AGM Registration Card. It is called "Holder Number" here.

2) Once you have logged in click on "Meetings", then click on the link "Vote"

3) Select "Full Holding for each resolution". Then vote on each resolution. You can choose "Discretionary" if you're not sure of a particular resolution.

VOTE "AGAINST" to Point 5 - "Approval of Amendments to Employment Agreement with Gil Don and Performance Rights". This is where most of the $2 million pay out is going. The Board wants us to waive the performance conditions (i.e. $150 million in billed business) so Gil gets a full pay out. Nearly $2 million when the company only made $700K in revenue! Unbelievable and outrageous.

Gil Don and the Board are expecting us shareholders to just roll over and take this. They don't believe (and they may be right) that any of us will participate in the voting. So Gil is expecting that his millions are in the bag. VOTE AGAINST!

VOTE "AGAINST" to Point 6 - "Approval of entry into Consultancy Agreement with Spiro Pappas and issue of Options". Greedy Spiro Pappas. $30K a month for - wait for it - CONSULTING! $270K in total. What a f***cking rip off! VOTE AGAINST Point 6. This is the Consultancy agreement that allows Spiro to sit on his rear end and "consult" for $30K a month. When the company is only making $700K? Outrageous!

I have voted against these measures and I would urge all Splitit shareholders to do the same. Personally, if either of these measures are past, that is a deal breaker for me. I will be selling all of my stock. I won't have these dodgy money grabbing pigs fleecing the company of its desperately needed funds.

Expand

I cannot emphasise this enough.
Please make sure you guys vote otherwise your votes automatically proxy to their decision.

I'm hopefully planning on exiting before the third quarter/AGM, probably going to be very volatile.

SPT Price at posting: 60.0¢ Sentiment: Hold Disclosure: Held
2 Upvote

1 Great analysis

Reply

There are more pages in this discussion • 5 more messages in this thread...

First 21 Last

Add SPT (ASX) to my watchlist

SPONSORED BY