director/management bonuses

In 2011 two directors received bonuses totaling $300,000 as a result of a 'structured profit' in the balance sheet.

Two executives in the same year were also paid a total of $72,750 - no doubt also as a result of the 'structured profit'.

In 2012 even though we have had consistent losses the 2 directors who missed out on bonuses in 2011 were paid $50,000 in bonuses. Mr William Spee was one of those directors and he resigned on 19th March this year!

Maybe the bonuses were as a result of jobs for the boys - who knows?

How this company can justify excessive salaries for JM and HN AND pay bonuses is disgraceful.

Unlike some other companies who have decided to take a cut of their salaries in difficult times (this company has NEVER made and honest profit) the directors continue to gouge shareholders funds!

This is just an added reminder to VOTE NO for management emoluments in the upcoming AGM.

Regards..................