Details of remuneration for the year ended 31 December 2009 Salary $ Superannuation, Consulting and/or Professional Fees, Directors Fees, Compensation, for expenses
I dragged the above figures from the annual report, there is some other information there but as usual I'd like to see the text between the lines. What it all says to me especially after looking through this forum from the last few years is that management was poor......really poor: shareholders unhappy and for good reason. Then in June 2010(approx) they pushed Kennewell. If I had achieved as little as him and taken home that kind of money I'd be a little embarrassed. Now there is a very experienced law expert (Ashcroft) directing traffic, getting the paperwork right and taking NO salary.
Then there is I. Johns: again not drawing a penny from working capital, he has purchased large chunks of shares recently and is now backing himself to make it happen. Given the apparently extraordinary deals - MOU and signed JV now in place, he is looking the goods. He doesn't seem to have a deep mineral history but rather a specialist business development role.
With this type of pay structure the directors and the shareholders are in the same boat and appear to be focused on the prize. These guys are wasting no shareholder funds that I can see (though a few dollars on the website wouldn't hurt)
In the past there is evidence the company was missing deadlines and basic admin seems to have been a problem but that seems to be in check and recent comments from long time watchers on this blog are liking the good communications and sensible approach.
I have no other information other than the company documents but I like what I see.
Now I'd like an answer if you have the time.
Which companies are similar in operation, focus, potential /prospects and structure?
And what has the market valued them at?
CFR Price at posting:
0.9¢ Sentiment: Buy Disclosure: Held
