Ann: Cape Lambert Finalises the Joint Venture Agreement, page-25

This has been going on for quite sometime, the directors did not downscale their remuneration along with the downsizing of the business. The heady days of 60c share price are long gone, but TS salary stayed the same and is still more than most CEO's of ASX 200 businesses, and in addition he is paying his other businesses money that is entering his pockets - for example overpriced rent on property.

On top of this, his strategy is to spin off a new ASX listing and pay himself another salary as director of that one, plus rent in the same properties as above. See CXU and EUR etc.


The lack of excitement in this announcement is a reflection on the markets trust in the current directors to execute on their promises. The hope was obviously this would come with the promised offtake agreement with funding, that they didn't deliver on.