If only you could take a squiz behind the mahogany doors to see for yourselves how the IHL Board earn their fat cat wages, pay raises, performance bonuses and eye-opening consultancy fees.
Perhaps you will see a picture of 5 men with sleeves rolled up, hard at work spilling their sweat and tears to create a return for the loyal shareholders that invested their trust and money in them.
Or perhaps not.
We can glean some of what they’ve been up to since delisting from the ASX from 5 Nasdaq announcements dated December 21st, 2023.
To give some background, go back and check out the Board’s holdings when IHL left the ASX. This is dated June 30th, 2023.
The company at that time had 1,587,277,020 shares and per the “Schemes” booklet, a consolidation would occur upon redomicile of 100:1 to reduce this number to 15,872,770.
Based on the Board’s previously announced holdings, their holdings adjusted for consolidation (divided by 100) was expected to read:
Oh boy are those estimates way off.
Here is what the BOD currently owns according to Nasdaq announcements:
Doesn’t sound like that much, but if you multiply these shares by 100 to bring it back to the old ASX IHL numbers, it seems the BOD has been printing themselves shares like confetti.
Current listed holdings adjusted:
This would make CEO Joel Latham the number 1 shareholder and Chair Troy Valentine number 2.
The amount of consideration put into the company’s coffers for all these additional shares is a total of $0.
That is, it appears the board has heavily diluted the company at multi-year lows arguably for their own self-enrichment.
If the share price was ever to get back to its all-time high of $AUD 0.70 cents, Joel would own the equivalent of $110 million big ones and Troy not that far behind on $73 million.
Sure, they work for the company, but aren’t they being paid more than enough already?
The money from the loyalty options that shareholders paid 35 cents for (but the board balked on) is almost already all gone.
But how is the share price expected to climb back to an all time high with all this dilution, first APRIx and now the board?
This Board you have invested your good faith in can drop their bags on-market creating more sell pressure on the share price and cash in all the way to the bank for no money down.
For shareholders it’s important to note these shares are awarded in four tranches; only a quarter have been given so far but another quarter is due soon on June 30 this year.
Maybe it’s possible it can be reversed but the transaction looks legal – sneaky, but legal. Per p.60 of the "Schemes" booklet:
It’s your company too, not just theirs. They would never had gotten this far without you.
You deserve better.
Imho and GL to the real people on here
