All directors except simon O'Loughlin took part in the SPP.
I had a look at remuneration, and I think it all seems pretty reasonable.
PTR shareholders are lucky to have Terry Kallis for $300,000 this last year.
I'm concerned with O'Loughlin's role. Seems to me he's one of the Adelaide good ol' boys - his law firm does all the work for PTR and he couldn't care enough to chip in to the SPP (even after raking in $120,000 in the last 2 years). This is on top of his own salary of $120,000
Given the small worlds directors move in (with law firm partners), it may be that the board is really in the position to change lawyers.
However, I for one object to using a law firm, and having a partner as director, who doesn't believe in the project enough to even chip in $5000.
I'm sure he is a good lawyer, but surely the company could find a younger lawyer (and simultaneously get an outsider's perspective) who believes in the project a bit more.
It looks really good that the directors are behind the company - and you have some pretty rare talents on the board - If O'Loughlin has tired of supporting PTR, then I respect that completely, but maybe its time we directed our legal dollars to lawyers who believe the company will succeed and want to support it.
If on the other hand, O'Loughlin is a clear supporter, and totally behind the company, then I think there is some explanation warranted regarding why he couldn't subscribe to even a symbolic $5,000.
PTR Price at posting:
9.0¢ Sentiment: None Disclosure: Held
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