Moderated, page-31

From my perspective the Financial Statements tell us everything. The corporate overheads (including exec and non exec director salaries) are disproportionate to overall operating cost mainly because the company has the wrong company form (listed). I think if you did some ratio analysis you'd find overheads are in excess of 50% of total expenditure. A private company would have one CEO who'd be on the ground running the company. An expat would probably cost you $250k and local around $80k AUD. An Australian listed company with 2 executive directors and 3 non-executive directors is costing PIL $800k. You could argue that by converting PIL to a private Filipino company that you'd save $700k without any impact to operations at all. Possibly even an improvement as the head of the company would be in the country building the fundamentals. All you'd lose is the story tellers looking for funds. I guess the flip side to that is what do you do when you want to rapidly expand the company, where do you get the funds? Well that is when you need to build your corporate team. In this situation the corporate team was build for a dream that got swashed but the team survived and has financially encumbered the recovery. The recovery seem to be going ok with strong revenue growth that might even one day justify the current level of overheads.

Coppa your song has changed considerably in the last 2 weeks.