Speccy,Thanks for the update, much appreciated, in some ways I...

Speccy,

Thanks for the update, much appreciated, in some ways I know how you feel.

Several points I hope you and anyone else reading this post take on board.

You had a witness with you when you met some of the directors (it would have been much better if it was someone unrelated to you) but what you & anyone else needs to do in future is this. Once you have such a meeting, you should immediately write up the minutes/content of what was discussed and who said what, then send it to the company (ensuring the company sec confirms receipt of them) stating that you feel that it is a true reflection of your meeting & what you took away from it.

That then forces the directors to in writing correct anything they feel is wrong with your minutes or say nothing. Either way you in effect have written proof of what was said going forward. So if they say there going to do something & don't then you have it in writing & can question them accordingly, Newspapers love such situations.

Its difficult but you need to stay composed, they are looking to get you annoyed etc so you look bad to other shareholders or give up questioning them. Make it quite obvious to them that you have all day & intend to stay there until they give meaning answers, if they try & close down the meeting early appeal to the other shareholders present, as to whether this is how a company should act!!
As long as your asking relevant questions etc other shareholders will tend to side with you, maybe take a break give others a chance to ask questions while you form new ones from the answers given, so your not seen to completely hog the floor.

When he says the amount is appropriate for various things, you should ask in what way is it appropriate?

When he again answers, probably avoiding the question really, you should say "so do you think its appropriate for the MD of this $8M company to get paid more than XXX (ie British PM who runs a whole country) force him totally onto the back foot.

Admin costs, How many shareholders does the company have? how much of that $300,000 fee is for office rent - then compare to amount charged by other company's, admin staff numbers? again have comparisons ready.

Tony, what's your definition of full-time in hours per week?
if you have other directorships then they require some of your time do they not? so how many hours a week on average do you dedicate to them?

So your full-time on PGS, so what exactly are you doing then workwise week after week? I mean PGS don't really do anything, Senex do it on our behalf do they not?

All the time they are giving answers they will be giving you data for future reference, to use against them.

Who did Norm survey? get them to name names etc

Thanks again Speccy

LOTM