In response to Mohican's question, here's what happened in the AGM (from my notes sent to PGS to include in AGM minutes):
"Well here we are again and in very similar circumstances to last time (except worse).
Market cap at $8m and almost all work done by JV partner SXY
Yet we have 6 Directors – that’s SIX Directors and Salaries of $570,000. What do they do?
Now Planet Gas’s work is being done by JV Partner Senex. We don’t even put our own announcements – just use Senex’s!
Do we need 6 Directors? I’ll answer that – No way.
Do we need salaries of $570,000?
Let’s have a look now at the MD’s salary of $270,000.
Important question - Does he hold other Directorships or is he 100% Planet Gas (asked of Tony McClure)?
Tony’s answer (eventually): Yes I have other Directorships but I’m 100% Planet Gas. I'm full-time on Planet Gas?
How can we possibly pay him that much? What does he do?
Norm Seckold answers saying he’s done surveys and the amount is appropriate!
The accounts also reveal we’re also paying Chairman Norm Seckhold and Director Peter Nightingale $300,000 for admin?
Now Norm you and Peter are the Chairman and Financial Director yet you still find the need to charge Planet Gas $300,000 per year – for what?
Do you charge your other group companies the same way? Norm responds saying it’s appropriate!
That’s $570,000 + $300,000 = $870,000 in salaries PER YEAR for a tiny company whose market cap has been destroyed and is now only $8m – the $870,000 is over 10% in just salaries! per year of the entire market cap!
I again asked the SH’s association how you could characterise this and they said:
NOSES IN THE TROUGH!
I think you’ll find that that will be the title of an article from a respected financial journalist on Planet Gas.
Last time when we had the same situation and I stood up here and exposed the wrong doings – Norm you said you thought we should have a meeting.
So we did – you and Tony McClure and me and my wife.
Norm you said that Planet Gas was a pimple on your arse and that you would do everything in your power to right the wrongs. (Disputed by Norm at the meeting...)
You were going to do deals etc – whatever you could, you would not let it continue to die of neglect.
What has been achieved? NOTHING since our meeting except more management costs!
Little Shareholders are losing their shirts while their funds are being squandered and you have your noses in the trough again.
Last time I trusted you at your word. This time the SHs are starting a SHs petition and writing to the ASX, ASIC, the SHs association plus there will be get at least one story written by financial journalists.
The SHs are, I'm told, going to start an on-line poll to see if this is the worst example of noses in the trough on the ASX.
I and a group of other SHs won’t rest until you are brought to account.
Norm tried to respond in saying look at the proxy count (as evidence of SH feelings).
I responded in saying that the proxy system is old-school (and stacked).
In this internet connected era, you will get to experience firsthand the power of a social movement started against you and your greed.
It should prove to be a sanguine lesson for others with noses are in the trough too".
At this point, unable to get proper answers to the questions and with Norm Seckold accusing me of wasting the meeting's time!!!!!, I left the meeting.
Anyone reading this can draw your own conclusions....
PGS Price at posting:
1.6¢ Sentiment: None Disclosure: Held
