They issue shares to themselves as well as a tidy directors fee.
But what makes me angry is that they can borrow the money from the company to buy the shares interest free and dont have to pay it back untill they are no longer a director.
So if 5 million shares are issued at say $1, then the company pays for the shares on a loan. At present the money for the loan would have been raised at the last loan raising (31.5c), so over 15 million shares were issued just to provide the director with 5 million shares. So we have in effect 20 million shares issued just for the benefit of one greedy director.
This F***** stinks.
AGM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
