Trevor Sykes, AFR Editor and financial journalist with over 50 years experience has written an article on PGS for the Financial Review Smart Investor.
The article is called "Planet Gas Down But Not Out".
He makes the point that "PGS is not without hope" but then comes down hard in his article on management 'excess'.
In particular he writes: "PGS has 6 Directors" (taking $541, 646 in fees) "which seems too many for a company where the major work and funding is being done by SXY and ORG". (Noses in the Trough?)
Sykes goes on to include ironic quotes from PGS Chairman Norm Seckold like: "We're not sitting there doing nothing"; before concluding his article in writing to Seckold and the Board: "It's time to share more of the pain. Take a haircut on salaries until the dollars start rolling in..."
The SIX Directors are:
1) Mr Norman Alfred Seckold
2) Mr Robert Charles Neale
3) Mr Anthony John McDonald
4) Mr Robert (Bob) Michael Bell
5) Mr Peter James Nightingale
6) Mr Anthony John McClure
Tony McClure MD is paid $270,000/yr. He says he's 100% full time on PGS but admits to having other Directorships.
So to Norm Seckold, Chairman and to the Board of SIX Directors: You've now been heavily criticised by SH and a very respected financial journalist.
What does it take to get you to do the right thing??
PS Watch out, there's more to the SH campaign coming soon!.....
PGS Price at posting:
2.2¢ Sentiment: None Disclosure: Unspecified
