Before HC censor this post - this is all factual that I have retrieved from relevant Annual and Half Year reports. I have tried my best to keep factual and non-partisan (bloody hard work).
Andrew Mortimer paid ~$235K for 2011; ~$409K for 2010.
Lia Darby paid ~$151K for 2011; $323K for 2010.
Andrew Mortimer is required to work 15 (FIFTEEN) days per month to earn his base salary of $282,000 pa plus super, any days after that earn $1,500 per day.
Lia Darby is required to work 10 (TEN) days per month to earn her base salary of $180,000 pa plus super, any day after that earn $1,500 per day.
This means that in 2010 the joint Managing Directors of PRW earned more than $730K; and for 2011 they earned more than $386K.
By way of comparison, the Executive Directors of Regis Resources (RRL) earned $705K in 2011 on the back of $36m NPAT.
Have a look at the Related Party transactions in the annual and half year reports.
Why do they need to "prepay directors’ fees" to Andrew Mortimer and Lia Darby of $55,139 and $75,781 (respectively). And why would Andrew Mortimer "repay $55,139 by transferring cash (how much?) and shares with a total value of $84,113 to the Group. An OVERPAYMENT of $28,974 is now included within trade and other creditors at 31 December 2011".
Cough, cough, splutter...
The mind boggles...
PRW Price at posting:
2.2¢ Sentiment: None Disclosure: Not Held
