Gary, i dont think thats entirely accurate. It is not easy to find a micro cap that spends more on its Board than CAP. Last quarter, CAP spent 100k on Board and MD salary. i just had a quick look at the most recent quarterly cash flow reports of 16 random small cap exploration companies (2mn to 5mn mkt cap). Of the 16 i looked at, CAPs spend was fourth highest with 100k spent. Of those that spent more than CAP only one (KIN) didn't have extraordinary items to explain the excessive expenditure. ie,legal fee's paid to a firm that a director was a partner of or they include company sec fee's/serviced office fee's.
Of the 16, the average quarterly spend on the Board was $64,000. To repeat, the CAP Board spent $100,000 on itself.
Granted this isn't scientific by any stretch and i paid very little attention to cash balances/operations but one cannot ignore that at CAP the directors and management are getting paid very well for a group who have delivered next to nothing. When one considers the frightful erosion of shareholder wealth over the last 3 years one can hardly sit back and be satisfied that salaries and fee's are well deserved. Perhaps Neil has been working on the new colour scheme for the last 3.5 years. Maybe he does the editing and presses the spell check buttons for the CAP magazine. Who knows.
CAP Price at posting:
2.9¢ Sentiment: Sell Disclosure: Held
