It has been indicated that The Managing Director of Gulf has...

It has been indicated that The Managing Director of Gulf has been obtaining three different independant salaries from Gulf . As a Shareholder I am so perplexed and at the same time very annoyed that The companies financial position has been allowed to dwindle down to such a critical level before any decisive or interventionary action was taken . Obviously there might be several contributing factors behind Gulfs demise from a high of 65c down to 1.5c but having an initial allocation of 10M for the purpose of operational costs and drilling programme expendiature one just wonders exactly how the capital was utilised and or allocated to other parties and with all of the extensive drilling programmes and detailed geological mapping why hasnt Gulf even managed to achieve a small scale mineral deposit so that some cash flow can come into the Company . Bali has provided some very insightful commentary on recent drilling campaigns and as he appears qualified in this area I will take his comments aboard but after the fact it doesnt make much difference to Gulf Shareholders .

As outlined earlier I have heard suggestions and at this point in time they are only suggestions that The Managing Director has been obtaining three different salaries from Gulf . The official wage as Managing Director was for approx 250K per annum which is outlined in the ASX financial documents . The allegations suggest that he was being paid a considerable sum for the role of an Exploration Manager and also an additional sum for the role of A geologist . I have looked over some of the financial documents on Gulf Mines and I cannot seem to locate any figures or imformation that point towards additional payment/payments . It is good to see that The Director was taking such a proactive approach and working across three different classifications but in light of the recent financial predicament I believe Shareholders are rightly justified in asking the question . How many salaries in addition to his Directorship was he obtaining and how much money was involved in each position and for how long were these arrangements in place ?
I believe that this pertinent imformation should be openly communicated to Shareholders and if independant salaries are to be awarded to Directors for taking on additional roles is this subject to Shareholder consideration .
How much capital is left in Gulf and if the cash reserves were down to such a critical and unsustainable level would Shareholders consider it be a prudent allocation of capital to pay The Director additional fees when the Company may only have a few months in operational costs left before The company possibly becomes insolvement .

As outlined in my previous post there were two ASX operational documents issued to The company making queries as to whether the Company has adequate financing to cover operational expenses and how Gulf plans to finance further drilling operations . one can draw their own conclusions about the proposed 2c placement , this line of operation is unsustainable and I dont think it would serve as a productive measure to be going back to the market on a consistent basis at increasingly cheaper prices , this would only serve to further dilute the register and possibly cap the stock at 2c .
So if the Director was obtaining three independant salaries when The Companies financial state was in decline or in a weak position why wasnt anyone aware of what was occuring and was Mr Kirwan from Prema Capital who is a considerable Shareholder in Gulf able to assist or intervene in this regard and point out that the Finances were in a weak state and investigate what courses of action were available to at least stem the costs or in turn seek to strengthen The Companies structure through other arrangements .

I really hope New Management can turn this Company around .