Whilst I have no doubt Luke Tonkin is a capable director adding experience and skills to the board will his pay be annual salary be reduced now he has only half the responsibilities from end of June?
'Silver Lake Resources Ltd (“Silver Lake”) is pleased to announce the appointment of Mr Luke Tonkin as Director of Operations effective 14 October 2013. Mr Tonkin will join the board as an executive director effective the same date.
This critical appointment will be responsible for the coordination and optimisation of operational synergies between the Murchison and Mount Monger operations and assessing Silver Lake’s extensive project pipeline.'
No more coordination, optimisation or synergy exploitation required as Murchison will be on Care and Maintenance from end of June. So he now collects $400k PA + Super + fringe benefits to review SLRs project pipeline. Was the board not capable of this ongoing task before LTs appointment?
Recent SLR activity:
Spend approx $100m constructing expensive plant at Murchison.
Have cost over-runs at Murch resulting in dispute with build contractor incurring extra $21m to settle dispute.
Quickly discover that plant/grades/through-put/ recoverable gold (whatever else) renders project un-economic due to gold price below AUS$1900.
Appoint another expensive director to manage expected ongoing synergies between Murch and Monger.
Decide to close Murch.
Conduct dilutive Capital Raising to spend $12m on Murch redundancies and restructuring and commit to $1.4m annually to keep Murch on C&M.
This would be too serious to joke about if directors and management were losing their own $$$ dough $$$ .... instead of shareholders money!!
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