I have held shares in this company for a couple of years now and have watched as the stock price has gone lower and lower. I see no end in sight but am loath to crystallise my loss as the stock is worth so little.
So I look at the 2009 notice for AGM (being held today) and see a proposal to pay Tim Paterson-Brown the princely sum of more than $1m. For what? This company is not a trading company, it's a holding company - what is he doing for the money? nothing so far as I can see.
The company has spent money buying back its own shares. That has had no effect on the stock price which has continued to plummet. It can't plummet further, plummeting cannot take place from such a low base.
The AGM notice reports some $220k + being spent on audit fees, plus additional professional advice fees plus additional taxation advice fees? How can a company spend so much on audit fees when it is a holding company only?
I'm beginning to wonder what is going on here? I can find no explanation from the board, just a statement that they do not believe the company's value is properly reflected in it's stock price. Really? Why do they think that?