Ann: Results of AGM, page-3

Agree with you, Noumi is a farce!
Sadly, you don't need AGM voting to show you that, but I also understand that is the opportunity to try and fix it.
And they are screwing holders here again when the vote was clearly against it.

This company is a breeding ground for bad governance and inept leadership in basically everything they do.
I would be embarrassed to say I had anything to do with them to be honest.

The real stain that keeps this dog going - related party transactions.
Note 38 in the annual report spells it all out for anyone interested.
But even then, the first thing you noticed is this is the only financial table in the whole AR without a total (that needs one).
It's like they don't think readers can add those numbers up themselves.....muppets.
Anyway, another year, another $115M+ in related party payments to the related parties.
And I can almost guarantee you that the related party businesses didn't lose money this year!!

Then there is the people keeping the zombie piece of dog$h!te going - the Chair, Directors & Management.
The Chair gets $250k in pay, for a company with a $30m market cap.
The average listed Chair gets roughly $132,000 and it would be a lot lower for anything with a market cap this size.
Directors are getting $150k (average is $82,000, again you would expect much lower for this MC).
But Tony Perich is special, so he gets $175k, must be all that extra time he spends on the related party transactions.

Then Management manage to burn $2.3M on 3 key personnel (CEO, CFO, COO).
Again, that is basically 10% of the market cap going out the door on 3 staff members each year. What a disgrace!

All that for a company with $744M in accumulated losses.
And a net liability position over $200m.
But keep the gravy train going you idiots, cause I'm sure that will make you some money!!

Fund managers / Brokers will not touch this useless organisation given how they operate.
The Perich's aren't smart enough to realise that though.
So instead of rebuilding confidence in the business with a proper strategy and growing the value of their equity.....
They continue to plunder the business for short terms benefits.