Excessive Remuneration

No surprises there. Suspended.
Everyone should read the Explanatory Document.
I draw you all to page 4 of 43 to the following paragraph.

"The directors have been mindful to limit the operational costs of the company and as such, the cash fees payable to directors and executive management, as well as its corporate advisors, have been limited."

Athan Lekkas Remuneration package page 9 of 43:
USD$362,000 = AUD$475,000
Relocation Expenses to the USA
Company Funded Car
Private US Medical Insurance (circa USD$27,000 or AUD $35,000 refer Despain Insurance Allowance)
USD$12,000/month rent of residence = AUD$188,000

Bonus of 30% of total USD$362,000 if the company makes $2.5m revenue = $142,000
Additional bonus of 30% on USD$362,000 if company makes $5m revenue = $142,000
Plus bonus of 30% if he raises $5m via a placement = $142,000
Plus 50,000,000 loan shares

Now this package is just Lekkas. Similar package for Despain, C.Wood and J.Shultz to which I dont have a problem with but what is the point of Lekkas's package? And why does he need to live in San Francisco or where ever in the US. To be frank I cannot see why he is employed at all if Martin Despain is the appointed MD with all the experience and credentials. Surely this is duplication in a company bleeding money every day and seeking funding from us and new shareholders to exist.

Seneca 30m options?
KTM 10m shares
100m shares to Lekkas/Despain (no probs with Despain)
4-5% placement fees on funds raised (circa so far including this placement approximately $1m plus GST)

Each dollar of equity this company raises claims to fund so called working capital expenses but is really funding Lekkas etal bank accounts. To have bonuses paid of 30% on both Lekkas and Despain salary on just AUD$2.5m revenue then a 60% bonus paid on AUD$5m revenue when the operating costs of this company exceed $10m is just preposterous and I would say represents nothing of what the directors statement above states.

In fact its the reverse and grossly irresponsible and reckless.

If you are a current shareholder in this company,not with standing the reason you invested, most likely being IOT and ADRC, Lekkas is by the looks of the placement resolutions is going to dilute you/us all out of any upside.

Resolution 11 - Approval to place $25m worth of shares to fund working capital expenses, acquisitions
Resolution 10 - Approval to issue an additional 10% of issued capital on top of 15% ie total of 25% of the company on top of Resolution 11 which could at least be (assume $60m market cap now at 3c with 2bn share on issue not including this placement) 40% if issued capital. So add Res 10 &11 and Lekkas can issue up to and maybe more than 65% of the company (yes dilution of 65% and more including this current placement).

That should keep him and others fed well at the expense of current and future shareholders.

And all the revenue target is $2.5m-$5m Australian dollars.
Corporate Expenses Circa AUD$10m
Hence if any bonus revenue target were to be set it would start at at least $20m to be fair and reasonable.

I invested in this company for ADRC and the IoT space. Not to buy IT companies revenues at crazy premiums with zero assets.

In closing I am more than happy to pay/reward  when there is substantial and sustainable revenue, however in this case to start at revenue 75 & 50% below current expenses is corporate vandalism.