Mixed Messages31 Jan 2021 16:17
Looking at six months interim results to 30th September 2020 the cash on hand was reduced by some 1.1 million to just over 100k from the previous year . Admin expenses including salaries for the 6 months to 3/9/9/20 were just over 500k which works out at approx £1 million per year. With only 100k in cash at 30th September 2020 obviously further cash was needed to fund the admin expenses . Therefore, a fund raise was done in Mid October 2020 for £2million for which £750k was invested into EMMAC. Why could the board not be more up front when the fund raise was done last October? Current fund raise for £2.1 million should now be for only new investments given there seems to be £1.25 million left over from last fund raise which will probably cover annual expenses. There has also been a further £250, 000 raised to cover previous chairman's outstanding salary which has now been paid in shares . Looking at recent interims salaries now work out at a total of £266k per year for all of the current directors. Seems to be some imprvement here. However, is this current remunaration a fair reflection for the roles of the directors? Just to add, I am also a shareholder in Primorus where there was recently a board takeover and salaries s for three directors have now been reduced from around 250k per year to less than 100k per year. I have repeatedly emailed FFWD about their running costs without any response. Whilst I am still very confident about the excellent investments in FFWD it is clear that there is indeed a total lack of transparency over the running costs of the company. A good successful company needs both great investments and accountabilty for its costs. Looks like 1 out of 2 for FFWD at the moment. I will continue to remain invested here and if any of the BOD read these posts please take note. All the best to all FFWD shareholders.
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