Unfortunately the ASX is basically 'self regulated' and they have very little interest in going after companies unless you present them with a 'lay down misere' ... they don't investigate rumours, innuendo (an Italian suppository) or poor performers and disgruntled shareholders are especially held at arms length.
I have re-read the Diggers & Dealers presentation (the only one give this year !!!! ) and note that the share price now is lower than it was in June 2014, 2015, and 2016, and 2017 .... hence how come the bonuses that make up a significant part of the remuneration for senior staff. Luke Tonkin has received $1m+ total package since he signed on in 2014 - the CFO earns close to $0.5m FFS and here's a laugh ... this year the ND's which include the failed previous MD who over saw the drop from 400c t0 14c gets a 15% rise this year to $115k ??
Oh, I forgot to mention, the former MD is chairman of the remuneration committee, sine he stepped down as MD. Remuneration is based on industry average for SLR's peers which include MML , a company with a similar inglorious track record. Look at NST, DCN, GOR and WGX which are trading at very healthy SP's.
Please stop giving credit for the recovery form 14c , a SP the board & former management created the mess along with a total overshoot by the market mechanism. Look at the average SP for the last 3 years and its gone nowhere.
The really disturbing information is in the top 20 shareholder list. Institutional shareholders have bailed big time - Now the 2 top shareholders have less that 14%, when formerly Van Eyk alone had close to 14% .... if you take out long term shareholders, like Ms Banasik, whose shareholding I gather is that which Chris Banasik received as a bonus(s) like the other executives & former executives, then the only stable top 20 participants are individuals who don't appear to understand what a 'stop loss' strategy is. None of the senior staff have ever purchased any shares, including Tonkin whose 2m options are a gift from shareholders.
Tonkins refusal to promote the company should disqualify him from office.(but that would cost SLR shareholders 1 years salary - talk about a golden parachute)
Most other MD's do more presentations in a month than he does in a year. With the share price languishing, he should be speaking to his shareholders and the market if only to say all's well and how bemused he is by the SP not keeping pace with SLR's peers .... is that such a stretch. If only SAU could do a reverse takeover .... Simon Mitchell would take this company by the scruff of the neck and reveal whatever value & potential is there .... meanwhile SLR shareholders get the mushroom treatment ..... not exactly ... they are kept in the dark, but they're not even being fed BS.
Every shareholder should contact the company by email as invited to do and demand an update and some reassurance to the market and the long suffering shareholders. If you get any response (or not) post this on the SLR HC blog ..... bottom line fundamentals are supposed to matter .... are SLR's fundamentals sound, and if not why not, if if they are sound them why is the SP languishing other than having a deaf mute MD.
SLR Price at posting:
44.5¢ Sentiment: Sell Disclosure: Held
