Chairman Craig Munro should be non-Exec and take max $30k with remaining non-Exec, Tan Hwa Poh, at $20k (what's the Bapak bit about?!), MD, Hamish Bohannon should drop back to $150k max (Andrew Wilson is still listed on the website too). This should have happened a year ago, mgmt have been totally irresponsible and indeed negligent in failing to 'cut their cloth to suit their purse'. The larger issue is that no-one on here appears to understand the world of shadow banking, discounted Bank Guarantees and monetisation, and I'm convinced that the GMC Board doesn't either. HSBC couldn't give a rats about GMC or its project, they wouldn't know who they are. GMC are merely a nominee, essentially virtual, and only possibly one of many aggregated 3rd parties requisite to Basil conventions for inter-bank funding overseen by the BIS on the basis of IMF, US Fed & ECB directives - the world of shadow banking. The arranger in this case, Glacier Intl Depository Ltd, raises a lot of questions and all note that PubCos are never admitted to these programs! If GMC Ltd UK is a successful beneficiary on the back of GMC Limited (ASX) shareholder's project what is the contractual relationship between the two? How much of GMC shareholder funds have been expended on this adventure and what is the level of security provided over the shareholders' project. Finally, everyone that knows monetisation knows that the securitised entity never actually has to pay interest or repay principal - there needs to be complete disclosure and transparency around the UK entity, everyone involved with it and all contractual relationships entered into with it. Shareholders should demand that GMC's Auditers conduct full Due Diligence on the UK entity!
GMC Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
