"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."
Unfortunately, this isn't the first time that PGS management have been rightfully accused of the same thing.
AGM is on May 22 in Sydney at 11:00am - anyone like to come with me to rattle a few cages?
PGS Price at posting:
1.6¢ Sentiment: None Disclosure: Held
