As usual, information from STP hasn't been flowing. Nonetheless, the annual accounts released last week provide a bit of an update and digging around provides the following information:
Not only has DanSmart been in an executive role (as MD & CEO) since January but so has his offsider, MaxSmart. It reveals they have not been (directly) paid for their executive "services" up until 30 June, but they are in negotiations with the chairman re salaries which means possibly longer term executive roles for both.
Also, in response to the exceptional performance of the company in recent times, led by the board no less, it is interesting to note they have increased the chairman's and directors fees by of the order of 50%!
The joint venture continues to provide a nice service fee to each party, up to around $4.18m. STP's margin on this might be around 20% (at a guess), but DanSmart is probably running at 80%+ on his share. Strong reason for pushing the Sharps, however, it does seem the growth in this area is slowing.
Also worth noting is a few interesting additions to the top 20, probably associates ...
The arbitration is all but over and only the (uncertain)damages award is outstanding. There is no appeal process and the arbitrators interim decision stands. The AGM might see plenty of good news flow.
Bottom line is the trade winds are blowing increasingly stronger and interesting times are nearer all the time.
STP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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