RE: Sweet and Sour SRES13 Mar 2021 08:32
Guys, I won’t be supporting any EGM or ‘no confidence’ votes in Patrick.
I am frustrated at lack of SP progress and the recent Perlite processing error.
However there is progress with permit achievement for CS, ongoing trials and also on the Precious metals projects. I am therefore willing to patient with my reduced holding for some time longer.
Can I though nail one myth that Patrick only gets paid in shares for his work at Sunrise. If people care to read the results statements you will see that we have a management services agreement (MSA) with Tertiary to pay for our (Sunrise’s) share of all the staff, admin costs. This payment is lumped into the figure you see as Admin costs each year, I am no accountant but believe these are Capitalised costs.
It is hard to work out how much of the Admin Costs is related to the MSA but if you care to look into the info below it seems to me that one element of the MSA is a charge for Patrick’s services as Executive Chairman at £80K approx for the last 12 months.
In addition Patrick and the other Directors (technically the only employees of Sunrise) also get paid Directors fees and it is these fees that Patrick takes as shares and believe he mentioned this in the recent interview. I see ‘no’ evidence that he is taking the £80K wage (per the MSA) as shares. In simple terms I believe Tertiary pay all the bills including Patrick’s wage and charge back to Sunrise for their share of this. It could be (I don’t check Tertiary’s accounts) that Patrick also gets paid for his work at Tertiary.
Final Results RNS;
https://www.sunriseresourcesplc.com/downloads/sunrise-resources-plc-rns-final-results-11-december-2020.pdf
>Page 4<
Organisation Overview
The Group’s business is directed by the Board and is managed by the Executive Chairman. The Company has a Management Services Agreement with Tertiary Minerals plc (“Tertiary”) which was the original parent of the Company. Under this cost sharing agreement Tertiary provides all of the Company’s administration and technical services, including the technical and management services of the Executive Chairman, at cost.
>Page 24<
Check the consolidated income statement for year to 30th Sept 2020, admin costs shown as £298,980
>Page 35 – Note 4 Directors’ Emoluments
See this paragraph.
Patrick Cheetham is also a director of Tertiary Minerals plc and under the terms of the Management Services Agreement (see Note 5) a total of £80,121, including Employers National Insurance Contributions, was charged to the Company for his services during the year (2019: £76,773). These services are provided at cost.
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