Board/management must hate it when they have to report such miserable pickings year after year, I sure hate it/them!
What really gets me is that this company has been around 10+ years, has never turned a profit far as I can recall, has over $150M of accumulated losses yet still manages to pay some company tax (we now have $10M+ worth of franking credits, useless as we never pay a dividend!).
And a lot of the same people are still there on "joke" salaries - last FY the 3 man Board pocketed $143K, $87K and $89K (at least this year David Hatch is on the Board and he owns 12% of the company, perhaps fees will be the only way he gets a return?). As for the management, the CEO is on more than $350K, the COO more than $300K and the General Counsel/Company Secretary is on $285K - nice work if you can get it.
Will this mob still be going in 10 years time and will they still have not paid a dividend - amazing really when you think of all the operating businesses they bought (on tiny PEs around 3.5) which were all profitable, sadly when the great management in the middle sits over them all of a sudden nothing is profitable. And we keep paying them!
RUB Price at posting:
3.5¢ Sentiment: Hold Disclosure: Held
