Rightly or wrongly, fwiw, directors fees are a cheaper alternative than salaries for directors of most companies, for which super, payroll tax, workers comp, etc would all be payable in addition to the base salary.
Agree, gracesteel11. $110k in fees for 3 x directors out of $159k total admin for the quarter is nothing in the grand scheme of things.
The company needs the Asic action, and potentially the class action, to be resolved once & for all so new directors can be appointed, if need be. Only then can some sort of plan can be put together to recapitalise the company and potentially move forward.
Given it would appear the D&O insurer, Allianz, has a seat at the table at the court hearings, imo a resolution still looks to be a long way off.....
PDY Price at posting:
0.7¢ Sentiment: None Disclosure: Held
