RE: Irish Times today6 Oct 2019 15:32
I can't pretend to be an expert in these matters and take on board your comments Manana,but I would have thought that some kind of guarantee of payment prior to assigning an interest in Barry might have been a good idea, especially after the Sequa fiasco. Perhaps a fidelity bond or placement of funds in an escrow account or something akin to an export credit guarantee. Anyway, It is a scandal that funds were run so low that the employees had to wait anxiously to see if their redundancy pay would appear in their bank accounts or not ( after losing their livelyhoods). IMO it is questionable ( as has been pointed out by others) whether it was a good idea to get rid of all the Science / Geology / Engineering biased staff when PVR are supposed to be moving into a hands on role as operators....After all TOR knows Jack **** about these things and needs advisors to stop him making a balls of things, something we all know to our cost that he is an "expert" at doing. But no....his salary had to be protected at all costs. I'm putting my money on him resigning next week and anticipate a sharp rebound in the SP as soon as the announcement is made. Everybody who has had dealings with this bloke has been shafted: institutions / private investors / employees / co venture partners. Enough is enough!
As far as the other two gentlemen on the board are concerned....these guys hold multiple directorships and probably only rock up to the office one day a week or so, so their ability to replace the reduntant staff is neglible, that is not their role.
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