RE: Mooky pay out - Unbelieveable16 Jun 2023 19:09
'Hey Wolfie. .... is this legal? For the BOD to get golden parachutes via a payout to leave,
while shareholders get shafted?
In my opinion, the New Co should pay shareholders a penny on the pound one time gesture to walk away also . The company they will get is undervalued, and they will be in the black soon enough ....
What a moral injustice.'
Of course it's legal, not so much moral or even ethical. The thing is Mooky and Co are not just shareholders but employees as well. Not only employees but the executive of the company. So they will be compensated for loss of office just like when any other high powered executive leaves office.
It's not palatable as I'd put a lot of what has happened at current managements door - like overpaying for regal when it was dripping in debt. Not cutting hard or fast enough both during and after COVID. They should have re-sized the business like many others did.
The deal they did to keep the company afloat after covid set the path for everything that has happened since and basically was a ticking time bomb which would ceed control to the lenders as soon as the cash ran out.
The going concern statement read like a disaster move - regal takeover and subsequent shareholder settlement, botched cineplex take-over and subsequent claims, ding dongs with NCM, etc. Vue dropped priced to £4.99 to get bums on seats. have CW tried anything like that?