money for nothing, page-4

In fact I suspect the situation is even worse than that shown in the Icon Energy Action Group website 'Directors Salaries & Fees'.

You will remember from the 23 Dec EGM that the Board tried to vote themselves 'free' shares as a bonus but shareholders kicked those resolutions into touch so the shares could not be issued. But the bonuses remain and they amount to $306,000 for Ray James and $105,000 for Ray McNamara. The question is 'have they paid themselves those cash bonuses yet?'

I suspect the answer is 'Yes in part'.

If you assume that the payments to Directors in the 3rd quarter represent their 'normal' wage ($233,000 in the 3 months to 30 September) then the difference between the amount paid in the 4th quarter ($495,000) and the 3rd quarter would represent the cash the Directors took as a 'bonus'. This would amount to $262,000.

Therefore there would remain $149,000 to be paid to Ray James and Ray McNamara sitting in creditors on Icon's Balance Sheet and the total due to Directors for the year to 31 December 2008 would amount to $1,194,000.

This huge sum would represent a 61% increase on that paid to Directors in 2007.

You can now understand why the Board so desperately need that $6 million from Stanwell. The current Board have lost the support and confidence of shareholders so they need to get money from somewhere else - Stanwell.

Money for nothing and ... Dire Straits indeed