I posted this previous, but this was my email sent to FFX 12th of June… not long after they said they were always open to hearing from shareholders… nil reply.
since it’s become more and more clear no one is getting reply’s, I’ll just slap it in here.
”My name is ….. and I have been a Firefinch shareholder for approximately the last decade.
I seek clarity in relation to comments made at the AGM in relation to Brett Fraser's payments as a consultant as disclosed on the 21st of September 2022 in the "Recapitalisation Package" announcement.
During the AGM, Mr Fraser did not have information on hand regarding the period in time these payments were paid to him for consultancy works and the question taken on notice. Can you please outline to me the commencement date for this service as well as a conclusion date?
Within the Recapitalisation Package announcement, on page 5, Firefinch announce; "In addition, during this difficult period culminating in the Recapitalisation, Brett Fraser has been providing consulting services, through an entity related to Mr Fraser, in addition to being the Chairman of the board of directors. Mr Fraser’s consulting fees are also set out in Annexure B to this announcement."
On page 10, Firefinch disclose:
"Annexure B
Brett Fraser consultancy
In accordance with ASX Listing Rule 3.16.4, the Company will pay a day rate of $3,000 in respect of Mr Fraser’s consulting services to the Company.
In the Q4 2022 Quarterly report released on the 30th of January 2023, Firefinch disclose "Payments of $497,052 were made to related parties being the Non-Executive Directors’ Fees as set out in Section 6.1 of Appendix 5B. This amount includes the payment of accrued consulting fees paid to Chairman, Mr Fraser totalling $262,562 including GST. Details of the fees were disclosed in an announcement dated 21st September 2022 titled, ‘Recapitalisation package’."
During the AGM held on the 31st of May 2023, Mr Fraser states that these payments concluded at the end of October, after Mr Scott Lowe joined the board and handover was given.
From the above, what we know about these payments are;
• On the 21/09/22 Firefinch disclosed $3000 per day payments to Mr Fraser.
• A total of $262,562 inc GST was paid for these consultancy payments.
• Payments concluded latest of the 31st of October 2022.
$262,562 less GST at $3000 a day, by my estimates, tallies approximately 79 days of payment.
If Mr Fraser billed these days at a rate of 5 days per week, Mr Fraser would have been paid the $3000 consultancy rate give or take around the 13th of July 2022, just after Mr Fraser started as the new Chairman of Firefinch. (7 days a week would be around 13th of August 2022)
As disclosed above on the 21/09/22 "recapitalization Package" announcement, disclosure was made under ASX listing Rule 3.16.4
Within rule 3.16.4 , it is my belief, that disclosure should have been sort immediately on the commencement of the consultancy payments.
~ Once again I ask, can you please provide dates Firefinch commenced consultancy payments to Mr Fraser at $3000 a day and the date this was concluded. Could you please provide the exact number of days billed to the company.
~ Can you please clarify if under 3.16.4 immediate disclosure is expected at the commencement of these payments. If immediate disclosure was necessary, can you please state why approximately 39-70 days passed (depending on commencement date of the payments) from commencement till disclosure on the 21/09/22.
Thank you in advance for your time spent on reply.”
(20min delay)