You are right, MrP.
PB's salary details are:
Paul Burton - Managing Director
►► Term of Agreement – October 2014 until terminated by
either party.
►► Salary - $414,000 (Increased from $360,000 with effect
31 July 2014) per annum excluding super plus any
expense incurred.
►► Incentive Bonus – An incentive bonus based on market
capitalisation (MCIB) equivalent to 15% of base salary,
payable when the market capitalisation of TNG reaches
trigger points set by the Board: $50 million;
$100 million; $200 million; $300 million; $400 million;
$500 million; and any additional trigger points as
agreed in writing between TNG and Mr Burton from
time to time. The incentive will be payable in cash or
(subject to shareholder approval) an equivalent amount
in TNG shares. If the market capitalisation of TNG
remains above a trigger point for a continuous period
of at least three months, then base salary will increase
(with effect from the end of the three month period) by
the amount of the relevant MCIB payment.
He also holds 14m shares that are currently worth $1.75m @ 12.5c. Even if he heavily dilutes TNG to get the project off the ground and realises say only $2/share once in production, then his shares would be worth $28m! TNG would be trading at about $1.5bn market cap @ $2. Throw in a dividend of say 5% (although who knows what it could end up being), $2 x 5% = 10c div. 14m shares x 10c = $1.4m DIVIDEND per annum! No doubt if he go it to production and stayed on as MD, then his salary would sky rocket as well.
Even if he sold the whole company for 50c, he would realise a windfall gain of $7m. Factor in tax and take of say 47.5% CGT, halved for the CGT discount, and he would still realise a net gain of $5.4m. Compare that to his current share value of $1.75m and he would still be $3.65m better off accepting a 50c takeover offer. He would currently need to putt TNG along for 6-7 years with a salary of $~500k p.a. to compare.
Although I think it is obvious that putting along taking $~500k in salary p.a. is simply not even close to being in the same ball park as his financial interests.
- Forums
- ASX - By Stock
- Ann: TNG signs agreement with Global Titanium group-TNG.AX
You are right, MrP. PB's salary details are: Paul Burton -...
Featured News
Add TVN (ASX) to my watchlist
(20min delay)
|
|||||
Last
5.3¢ |
Change
-0.003(5.36%) |
Mkt cap ! $93.03M |
Open | High | Low | Value | Volume |
5.8¢ | 5.9¢ | 5.3¢ | $114.8K | 2.037M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 67087 | 5.3¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
5.4¢ | 84745 | 7 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 67087 | 0.053 |
5 | 518990 | 0.052 |
2 | 700000 | 0.051 |
9 | 564573 | 0.050 |
3 | 150735 | 0.049 |
Price($) | Vol. | No. |
---|---|---|
0.054 | 84745 | 7 |
0.055 | 60493 | 1 |
0.056 | 221173 | 4 |
0.057 | 53609 | 2 |
0.058 | 79485 | 2 |
Last trade - 11.36am 30/07/2024 (20 minute delay) ? |
Featured News
TVN (ASX) Chart |
The Watchlist
MTL
MANTLE MINERALS LIMITED
Nick Poll, Executive Director
Nick Poll
Executive Director
SPONSORED BY The Market Online