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Folks, Agreed that he should never have been awarded a bonus for his abject performance - but, alas, the reality is is that he will not return it either out of his guilt or his morality; AB and he financially win whether the company succeeds or not; the broadly negative effect of their back-slapping connivance in their excessive remuneration against the company’s share-price decline manifests itself in equally declining investors’ goodwill and credence in their management of, and intentions for, the company - very few would now place faith in whatever insincerely overoptimistic soundbite JP spins in his next media interview; the BoD have much work ahead, particularly to renew investors’ confidence in their self-perceived abilities to strategise, to manage, to expánd the company, and to increase its value.
I disagree Slurm, they should have been honest with themselves and us. It is not nice realising you've been conned, but we hadn't actually lost anything at that point. Since then however, with the elongated Major Client debacle they have lost all credibility with the market and their own shareholders. JP's bonus was the final straw....And no, he shouldn't use it to buy shares as that would just rub salt into shareholders wounds and not help anyone. The Company needs money, Leigh Creek needs funds to get going, taking money out of the Company as it is raising funds at 0.45p is crass.
I have to say that I'm not sure I agree with the principal of the BOD buying shares with their 'bonus' in any form options/open market and neither with the idea that the BOD could return the 'bonus' in the form of a loan.
No bonus was warranted this year in any measure and I'm extremely concerned that they awarded themselves one irrespective of what has happened to the shares in issue, shareholders/company funds and the resulting share price.
If the BOD feel value has been brought in the form of Redmoor and Leigh Creek they should be prepared to work for that value to be realised for a reward and not take a cash advance at the company and shareholder's expense particularly after such a diabolical performance.
I probably need to take a break from this - the more I think about it the more angry I'm becoming.
Sorry Slurm,disagree,alarm bells should have been ringing long before they cottoned on. I bought a further million shares at 1.8p on the RNS of letter of intent. That text message must have been the 37th time they asked for the money and they rushed out the RNS next day. I will stick with clowns and that is been so kind to them.
dotcom, I don't think asking for money 37 times makes them a clown, you have to repeat and be able to demonstrate this, if im honest I think that's smart, what else could they do just give up???
had they asked once and given up everyone would be screaming at them for not asking...
Totally agree DV, it's scandalous, absolutely scandalous, that John Peters awarded himself an annual salary of $500k. As for Broome I agree he should go now.
A few weeks ago I was hopeful of recovering money from arbitration and getting back on track. Since then we've found out the arbitration award likely won't even recover the fees and to add insult to injury the bod have paid themselves a fortune for decimation of shareholder value. I hope this is the bottom and there are no more skeletons.
I wonder how the Manners family feel about all of this. Not great I'd imagine. I hope they also agitate for Broome's removal.
Taking that $191,000 bonus shows JP has no remorse whatsoever for the utter shambles that he, as CEO, has overseen during the past 12 months. Indefensible imo!
I don't think we ought to waste any more time on the murky world of Mr Broome. He should just go!
Pretty scathing but sums it all up quite nicely! It wasn't supposed to happen this way :-(
Trout, great read, nothing new but shows what a pair of clowns AB and JP are,37 times Brenda Smith promised to cough up. They should be getting P45's not large Salaries and Bonuses.