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I have only got to this section and I have to say, I am pretty appalled at the Directors remuneration. The CEO and CFO have taken the equivalent of 20% of last years financial loss and yet they keep coming back to market for raises and continue their absence in terms of purchasing more shares. I'm really surprised others have not picked up on this.
ban4118 In relation to your 08.29 post when I checked yesterday the annual report was not on the website so I have not read it yet. Thanks for the heads up.
We have a roadshow planned for 10 March it was originally planned t be in Belfast but looks like it will now be online. This is a matter that we can bring up then. It would seem that the trading loss is as high as it was because of the Director's Remuneration. If satisfactory answers are not given then discussions may be needed with the large shareholders about capping pay in the future.
We could definitely get a new CEO and CFO for a hell of a lot less than what we're paying these guys.
Myself and my son would happily take these jobs at 70k and 30k p/a.
My mate next door lost his job at Christmas and said 25k a year is what he needs to live on. He's up for doing any job he says.
My mum is looking a wee part time job a few mornings a week too and is good with a calculator and doing sums. She has CFO written all over her and minimum wage would get her I think.
None of us above have any shipping, shipyard or project management experience or have an extensive list of contacts. We're quick learners though if we get offered the job.
. . . . .
Ok, I'm obviously jesting, but folks come on. We need a calibre of individual running the show that is capable of delivering what we believe might be something really massive with Infrastrata. I believe we have them in our CEO and CFO. If we truly believe our guys are the guys and might be a bit special, then we need to pay them an attractive enough income to keep them from poached elsewhere.
Personally with our current figures I wouldn't want to see any salary increases however I'd love to see us in such a position of profitability that they guys were even getting double what they are now.
should be PRP.....
I have no issues with the bod salaries but believe the bonuses should be performance related |(EBITDA).
That's a fair point Tango. Ban also has a point re directors holdings and purchasing of more shares. JW has quite a bit of skin in the game with his holdings but it would give me a bit more confidence to see other directors buying a few top ups or even entering the game too.
Its maybe unfair of me to say this as we don't know folks personal circumstances, financial circumstances, outgoings, etc. I'm just thinking out loud here again.
I could not agreed more with Thistime****.When JW and AR joined us some 3 years ago this was a penniless AIM share “not going anywhere “. With limited funds and whilst trying to keep IM alive despite all the difficulties with ML they caused a significant change of direction and look where we are now with some prized assets!
This is not a share for feint hearts or short term profit takers . Witness the II’s position.The plan is that in 3-5 years we shall sit at the top table in our sector as the new disruptive player on the block taking advantage maybe of weakened competition.
IMHO the Board are worth every penny ... so far .Good on them !!
I wholeheartedly agree with Tango here. They can pay themselves what they want if they are bringing in significant contracts . At present, and in the last financial year, they have not.
Lol "skin in the game"
I think we can all agree he's got his skin back out the game with the salary he's on :0)))))
I have now gone through the annual report with a fine-toothed comb. That was my morning research along with breakfast. It is a very good report with a clearly defined strategy. The fact that JW and team laid out this strategy early on and have pursued it successfully thus far gives me a lot of confidence. The company is fully aligned with the future, i.e., ship building, renewables, cruise etc. and I can only see more growth and a bigger PnL in due course.
Of course, we would all like to see a much bigger PnL and a profitable one. But I do believe that the past two years have been spent laying down the foundations for a solid business. Had it not been for Covid-19, I do believe that we would have seen bigger numbers. I am aware of so many clients across different industries who are waiting and watching. This holding pattern is common across the board and Infa is in the same situation. The holding pattern will break, and when it does, this company will flourish.
Directors' remuneration is always a sore point. We need to change our mindset. Good people command a price in the market because they know how to add value. To take the company from zero, build a £1.50 million revenue line in the middle of Covid-19, and then to run with that kind of monthly average is highly commendable. I disagree with comments from fellow shareholders about the "Appalling remuneration". The Board has effectively locked in the management team for two and a half years and the expectation is for them to deliver the turnaround strategy this year. And I believe that they will.
The reality is that no one is here for charity. We want a healthy return on our investment and the management team can deliver it for us. They need to be compensated and recognised for the hard work that they are putting in and the sheer skill in navigating through these difficult times. They have stuck with the strategy, built a portfolio of contracts and getting on with the job of delivering to shareholders.
Great quality is not easy to find. AIM is littered with lifestyle companies. Infa is not a lifestyle company. This is a serious business with a serious BoD who are driven and keen to succeed. And that mindset matters.
I have no problems with the remuneration structure and I believe that is was a very smart move by the BoD to lock in the executive directors. Well played.
A salary is a salary, a bonus is a bonus. I would like to understand what performance metrics were used to calculate the bonus - we will never know. Clearly shareholder return was not used. JW and AR took home just over 5% of the current market cap of the company! I would have preferred to pay a market related and competitive salary to attract the right talent and then link the bonus to longer term performance criteria directly related to shareholder wealth creation. One can only hope and dream!
I do not think metrics such as a percentage of market cap or that of the annual loss are correct in this context. We are a growth company. The biggest risk taken is by the executive team, reputationally and career-wise. I fully agree that we as shareholders have money at risk but the executive team have both money and their careers at risk. When you look at the bonuses, it is effectively a bonus for two and a half years with a lock-in caveat. To my mind, the BoD have played their cards very well.
We are paying for experience, vision, drive and a passion to succeed. This is a rare combination. Yes, time will tell if this was the right move, but all indications point to it being the correct decision. The world is in a bizarre place at the moment, but I strongly believe that we are in very good hands. My support for JW and his team is stronger, more than ever.
droderick- I don't agree the bonuses was for the last 2.5 years as they have previously received shares.
But as you I am not upset with what they have got, let's see it now grow into a flourishing business that we can be very proud to be apart of.
We get the ML next week and JW + Arun can have another bonus :-)
To Be honest No, I do think they deserve the bonuses as their salaries are below the market for the positions they hold and the work they are putting in. Just like Bonuses to be quantified and based on EBITDA as the share holders also share in that success.
whatamess- JW has no idea when the ML will drop but expects it to be by 31st March, He has not got a crystal ball, he is as in the dark as we are. IMHO
whatamess In relation to your 12.18 post you have to remember that the decision on if/ when the Marine License will be granted is not wholly within JW's gift. You have to keep in mind that DAERA have not so far shown a willingness to come to a swift decision. JW is basing his comments on information provided to him by others.
How nice it would have been to have seen some of JW's fabled "milestones" applied to bonus payments...
During the course of the year, the Company utilised the services of Arrow Marine Management Limited ("AMM"), in which John Wood is sole director... for the various survey works and studies required to the undertaken in order to update the necessary environmental information required for the marine licence in relation to the Islandmagee gas storage project. The total fees paid for utilisation of the survey boat and personnel by the Company was £258,930.
How convenient!