protest mail23 Mar 2019 14:23
I am a long term (5y+) holder of SEE and nearly never posted on this board. Even if I still believe in the future of this company, I am still totally outraged for what happened this week. There is obviously no interest from the management regarding prIvate investors.
I think it would be good to tell management, chairman and founders, that we are not happy with our leadership team. Beside an email to Ken (I think shareprice would immediately jump when he would leave) I wrote yesterday the following email to the chairman of the renumeration comittee and two founders adressing the massive "performance award" (a joke, in times they should be very prudent spending money) given to founders and certain other employees (see half year report; pt. 5). If you like, please join me to express your frustration and send emails to management (firstname.familyname@seeingmachines.com). Maybe this will let them think about, to treat private investors fair and keep them informed:
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Dear Mr. ...,
I am writing you in your role as chairman of the remuneration committee of seeing machines.
I am a long term holder (many years) with a significant amount of stocks in SEE. I am also in contact and exchange with a lot of other private investors in SEE.
I think it is not neccessary to inform you about the massive frustration, anger and a total lost of trust in management of SEE within the community of private investors due to the latest developments. According to my contacts, most of the private investors feel betrayed especially by the placing at 3p to selected investors. Some (and myself) have lost a lot of money invested for pensions funds or other important purposes.
Within this context, I would really appreciate an answer from you, how it can be possible, fair and appropriate to allow the following massive performance awards according to Nr. 5 of the Half Year Results:
“5. Research and development expenses
The total research and development expenses in H1FY19 of A$20,452,884 includes A$7,455,230 in relation to a non-cash expense, resulting from a one-off performance award….”
Thank you for your answer and effort.
Best regards,
Otti3
Lets see if I get an answer.