Director Salaries, page-40

Hi Trommel,

Have you paid any attention on the Net assets backing of both companies vs the shareholder equity used from the 2018 annual returns ?


MNS
Net Assets backing $15,833,544
Shareholder equity used to gain these assets is $110,637,523

KNL
Net Assets backing $19,672,000
Shareholder equity use to gain these assets is $43,786,000

I am surprised that KNL has a higher net assets backing to MNS, their management appear have been very prudent with shareholders money using nearly 1/3 the capital vs MNS,

do you know where the other $92mil of MNS's shareholders equity went too ? Managements Remuneration doesn't seem to be the issue.