What is rubbish?1) on his way out or not, David Taylor is the...

First 34 Last

Share
Profile

Follow
Amorga

587 Posts.

251

26/07/23

07:56

Post #: 68980728
Share

Originally posted by TobyMarchant: ↑

Thats just rubbish.

1) David Taylor is already on the way out, who is taking him seriously within the company. His very short tenure Has me interested and I will reach out to him for a discussion.

2) So why not declare what FP is earning instead of this BS IT contract. Just declare that the IT stuff iyour company and you are raping shareholders because they are too stupid to realise.

3) This is hilarious and highlights why this company is, in my opinion, allegedly corrupt. In a company with proper governance (which this shit show has none) there would be competitive tenders for the IT contract…,,.I assume there was only one tender approved by the CEO to award the IT contract to…..THE CEO!

BUT FOR SOME REASON WE STUPOID SHAREHOLDERS ACCEPT THAT FRANK CAN INOICE OUR COMPANY WHATEVER HE LIKES AND WE HAVE TO ACCEPT IT!

Have the shareholders seen the contract….which may I say is a related party transaction and I think the detail should have been in the AR.

My opinion, the shareholders of this company, including me, are being right and Royally screwed over by a management team who have no idea what the path to profitability is.

My problem is, I don’t know what’s here.
Have I invested in a Ponzi?

What does this throw off in EBIT in 5 years….

This is for you Frank/Stringfellow

Answer me this with commitment and I’m listening.

Until then, I think we need to get a group of shareholders together, call an EGM and throw FP out

Expand

What is rubbish?

1) on his way out or not, David Taylor is the current CEO. There is a very big difference between a CEO and the Chairman if the Board. Just correcting your comments of FP being CEO....he is not.

2) It is declared what FP is earning (and has been disclosed for years) in each of the Annual Reports. The funds going to Strong Solutions are part of the Salary arrangement between Magnis and FP. FP has a Base Salary and then as part of his employment contract with Magnis, Strong Solutions charges Magnis $1,000 per day. This is essentially structured to minimise Frank Poullas' personal income tax liability and is justified by claiming that for everyday he is in the office for Magnis, he is taken away from his business Strong Solutions. Again....it is all declared in the Annual Reports. Either go have a read or I can take some screenshots if you like.

I will also clarify that a very similar arrangement is made between Magnis and Hoshi, whereby instead of paying Hoshi a direct Salary, payment for his role as MD of US operations is paid to Hoshi's company Yatha Enterprises (or whatever it is...Yatha something).

3) Strong Solutions is not paid for an IT Contract. As stated, it is part of an employment arrangement with FP. It is disclosed in the Annual Report. Nothing is being hidden here.

MNS Price at posting: 10.0¢ Sentiment: None Disclosure: Held
12 Upvote

2 Great analysis

Reply