shares for tyree

I was absolutely flabbergasted to see an AGM resolution being put up for Tyree to receive an extra 3M shares for doing his job. The line is run that this work is additional to what was contemplated - where is the proof? Three overseas trips in eighteen months is hardly demanding of tripling his pay, especially given he got 4M shares last year for turning up.

As there was no request for additional compensation at the last AGM, presumably most of this 'additional work' relates to the period when Scully-Power has been CEO. So, is he incompetent and Tyree has had to step in, or is Tyree butting in because he can't help himself? Perhaps a bit of both? Further, I see they have used one of the lowest share prices for the year to determine how many shares all directors receive in lieu of fees - I wonder what the average share price was for the period in question? A fair bit more, I'd reckon.

There is no way in the world I'll be voting for this resolution, and I can't see why anyone would without a lot more questions being asked, and answers provided. Finally on this topic, the resolution refers to the independent directors supporting this resolution. I guess we'll never know now what Keniry's true feelings are, but did anyone notice at the bottom of page 52 of the Annual Report (a relatively amateurish document by the standards of previous years, but that's by the by) that Tyree has an interest in Tayeh's DVT Consulting business. How independent is independent, I wonder?

Finally, a minor point, but I see Scully-Power refers to one of the reasons for raising cash as a 'backlog of aged debtors'. If your debtors are overdue surely you collect them? You don't raise capital for a timing issue! I also see in Note 8 to the accounts that there was only $23k of overdue debtors at 30 June. Does this man have any idea what he is talking about, or is he a financial ignoramus?

There are many many questions that need to be asked at the AGM, which as I've posted previously I can't get to. I hope others are as sceptical as I am of this supposed new team, and look forward to hearing of what goes on at that meeting (at the new, down-market venue).