Hi rredman, Just saying it as I see it. IMO I find it absolutely...

Hi rredman,

Just saying it as I see it.

IMO I find it absolutely remarkable in this environment the corporate overheads that this company is incurring (as per the annual report);

Three executive directors being paid :
Andrew Leibovitch : Cash/super/options/performance rights $732,000.
Will Barker :Cash/super/options/performance rights $1,291,000.
Kerwin Rana :Cash/super/options/performance rights $764,000.

Key management :
Nathan Rana :Cash/super/options/performance rights $945,000.
Mark Balfour :Cash/super/options/performance rights $328,000.


The cash component of all this alone is over $1.6 million between them. I'd actually go as far as saying that in my opinion this is the most offensive remuneration in a small cap company that I've seen particularly in today's environment where capital is extremely scarce and against the backdrop of a collapsing commodity price with no short term avenues to cash flow. To make it worse there has been $3.5 million drawn down in debt.

I find it hard to see how Vandasia could be happy with this and by the lack of news flow that maybe this is the reason that they appear reluctant to put more money in.

I also note that they had a booth at Indaba. No doubt that would have been a costly exercise. Again I don't understand why they would need this when they have said that they have a customer to enter into a gas sales agreement with i.e. Eskom and they have a funding partner in Vandasia? IMO if this is the case why go to the expense?

GLTA

DYOR