I'm not a shareholder, but I have been looking at PGS over the past couple of month's (researching) with a view to investing in it in future.
Having done some comparison's with similar company's it strikes me that PGS needs to shape up. By that I mean get its own house in order.
Yes PEL514 has a lot of potential, but as yet its not producing any cash-flow.
When you only have one asset, your a minority owner of it and you have lots of free carry's, do you need 6 directors, 3 of them executive directors? No
Do you need to be paying them $570,000 a year? No
Time to slim down the board, to a max of 4 directors.
Time to clean up the shareholder base to, initiate a buy-back of unmarketable holdings, reduces admin and saves money.
$53,000 on software 2 years in a row is excessive to say the least
$300,000 to Mining services seems very high compared to other's cost's for admin services.
This is a company with a board of directors who think PGS is a $100M entity, its not its under $15M so act accordingly and in the interests of all shareholders.
Time you shareholders rattled a few cages I think?
LOTM
PGS Price at posting:
1.7¢ Sentiment: None Disclosure: Not Held
