Ann: Restructure and Refinance plan, page-23

So, going back to the statement that Rogers hasn't drawn a salary in 3 years...

Last quarterly:



Let's presume (and who really knows) that all "staff costs" relate to mine staff - but $2.5m over 3 months is $840k a month or $10 million a year extrapolated - how many f'n staff are there?!!! (i note the 6 monthly figures are more than double the current quarter suggesting massive excesses in the previous quarter too). i'll review the previous 2 quarters again Sunday...

$10 million - $200k p.a. a head (on average which is, I know, stupidly generous) - there's 50 employees. Now, I would bet there aren't half that number of FTEs.....again, a stench.

Or admin/corporate costs - $444k or $1.75m annually. Rogers got zip allegedly - so who gets paid the $1.75m? OK, Lawyers a few hundred k - still doesn't stack up....these are real hard core cash outflows folks, not book or accounting entries!

$3 million on these two cost centres - $3m (without factoring in these excesses in other quarters) - there the Gandel and other debt wiped quickly and simply.

Truly, truly bizarre -this whole story.

Can't fathom why ASIC wouldn't go to town here - and that's coming from a bloke who's worked in & around the sector for 25 years.....and has a strong legal background.