dont get me wrong, I hope APG succeeds. I dont own shares at the moment having sold out a few years ago, but have been keen to see what transpires and maybe look at an investment again. However, I just can't get my head around the issues.
I dont believe making a placement to BHP is enough to secure your job for life. The fact is nothing came of it, and BHP make a number of these little investments (which are so insignificant to them) around the world.
Also, capital management is imperative when assessing management of a company. I dont believe they have done a good job at all in this area.
If MT was being paid $180k pa, and put his hand in his pocket to take shares in placements when APG have needed cash, I would be a little more kind to him. However, the fact is the company is close to being at its lowest share price since he has run the group over the past 15+ years.
If he took on a non-exec director role for $30k pa and used $180k to pay for an up and comer to run the group, the result may well have been different.
I'm going to leave this discussion as there is no use me ranting on about it. Will just have to see how it all goes. I wish you all the best. Hopefully the funding is sorted out, or there is good news around the corner which management may be waiting for before tapping the market for money.
APG Price at posting:
2.0¢ Sentiment: None Disclosure: Not Held
