$543,000 on director fees for them doing absolutely nothing.
The company needs 3 directors at most (not 5) & they shouldn't be getting more than A$200,000 combined.
Cooper Basin is a carried interest so virtually no workload. USA royalty needs no work either & that strategy has cost shareholders A$3M so far, most of it money that was borrowed & how is it going to be re-paid?
Anyone with 500,000 plus shares should be writing into the company, telling them they want the board reduced to 3 directors & salary's slashed with no options or such like granted instead. They should be totally embarrassed by what they've done. Landed the company in significant debt, following a strategy that was never going to add real shareholder value, simply pay excessive director fees that's blown up in there faces.
If the changes don't occur prior to the new year then, you'll be voting against all resolutions put forward at the next AGM.
Should also be contacting the largest shareholder Hueridge Pty Ltd & asking them what there going to do about it.
