Philip Smith
Company. I believe the executive directors exert significant control both at a board level and ownership of the Company which is not in the best interests of shareholders.
Column 1 Column 2 Column 3 0 2016 $ 2017 $1 Executive Pay 163,500 163,875
Based on cash reserves outlined above and the Company’s limited operational activities, Mr Smith’s current base remuneration of $1,000 per month plus $1,500 per day for provision of supplemental technical management services is unreasonable and uncommercial.
The payments to the Messrs Brown and Smith and to the three non-executive directors, the substantial expenditure associated with work commitment programs pursuant to the Company’s 3 exploration permits together with standard corporate overheads, will render IPB Petroleum broke in the near future, or IPB Petroleum shareholders will be heavily diluted if additional capital is raised. I am seeking to avoid this outcome.
The market capitalisation of IPB Petroleum does not support the size and composition of the current board Mr Smith was appointed as technical director on 1 November 2010 and is responsible for exploration, or acquisition and or appraisal, and if successful development and production from oil and gas assets
Mr Smith is a substantial shareholder of IPB Petroleum holding 26,444,737 shares or 16.49% and along with the other executive director Brendan Brown controls approximately 34% of the company.
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0.8¢ |
Change
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Mkt cap ! $5.651M |
Open | High | Low | Value | Volume |
0.7¢ | 0.8¢ | 0.7¢ | $15.99K | 2.235M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
4 | 2262415 | 0.7¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.8¢ | 1856495 | 6 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
4 | 2262415 | 0.007 |
11 | 5246125 | 0.006 |
3 | 1000000 | 0.005 |
3 | 900249 | 0.004 |
2 | 670000 | 0.003 |
Price($) | Vol. | No. |
---|---|---|
0.008 | 1856495 | 6 |
0.009 | 670000 | 3 |
0.010 | 1137602 | 2 |
0.011 | 1200000 | 1 |
0.012 | 1544274 | 4 |
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