68 Staff for Freshtel who secured a $7.8M loss in FY08. And with...

68 Staff for Freshtel who secured a $7.8M loss in FY08. And with 68 staff managed just a modest 4% growth!!!! MNF growth with 33 staff 108%, ENG with 86 was 28%.

Here's your top 5 FRE Salary cash flow drainers:

Rhonda O'Donnell $414,000 (she owns 847,000 shares)

John Coates $296,000 (did he work a full year?) owns ZERO shares

I Jackson $237,000 (did he work a full year?) owns ZERO shares

Mike Carew $307,000 (has left now) founder did own 21,000,000 shares, according to the FRE report he holds ZERO, possibly dumped just after he left?

F Hazel $159,000 (holds just 86,000 shares).

Ok, so lets do a summary shall we? Thats a total of $1,413,000 for just 5 of the 68 FRE employees with only 2 actual shareholders amongst them.

The reported sales are $4.8M divided by 68 = $70000 Revenue per employee. by way of comparison, MNF Revenue of $6.8M divided by 33 employees = $206,000. Mmmm, tells the story doesn't it.

FRE shareholders, this is what it cost you in executive wages to run FRE at a $7.8M loss last year. With the exception of Rhonda even the top execs at FRE do not believe in buying their own shares!

Reference Freshtel FY08 Financial Report