Firering Strategic Minerals: From explorer to producer. Watch the video here.
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Just reading through these documents, have you read the Bonus letter? "The Company shall pay the Agreed Sum to you (ELB) on the relevant Trigger Date. For the purposes of this letter, the following defined terms are applicable: Agreed Sum means an amount equivalent to the gross value of one year's basic salary at the rate prevailing immediately prior to the Trigger Date" This signed off by Nicholas Flanagan, well done those two! A further example of misusing their appointed positions but to be expected by 'big' men in this day and age. Do all the employees of HTG who contribute far more blood, sweat and tears receive a bonus equivalent to one years salary? It's terms like this that allow for circumstances such as the one we now find ourselves in. Ewan Lloyd Baker should not receive a penny in bonus terms given his list of failures over the past year, no financing solution except this proposed deal, prior to this poor forecasting, stiff interviews concealing the reality HAYT was likely to encounter this mess.
Hi shareminator I’ve not read everything, but agree it would be wrong of ELB to accept this bonus if only because he’s going to AVG as a non-exec director. These bonuses are perhaps the HAYT directors’ golden parachutes, awarded to compensate for loss of their jobs on t/o or merger, but if he’s going straight into AVG on a full package as part and parcel of the deal he himself has cooked up, he absolutely should not accept a parachute bonus, even if technically contractually entitled. The same applies to any other HAYT directors taken on by AVG. I also agree ELB’s done a lot wrong this past year, including re funding and forecasting, and of course selling for a price which fails to recognise the long term prospects. Hardly bonus territory. I think I’m kind of resigned to this merger though now we’ve been told there’s no realistic way of sorting the debt pile. I would have participated in any open offer though. The employees should be ok as the HTG business carries on, albeit as a subsidiary of AVG. They’ll be worried about redundancy because of the change I guess, but keep their employee rights. They might actually be more secure with AVG’s balance sheet behind them. We’ve had precious little indication recently of the extent of the problems. Would ELB argue he’s released what he’s been obliged to and preserved value by preventing panic, enabling an orderly sale? – I don’t know. Regards