In 1777, Samuel Johnson said
"Depend upon it, sir, when a man knows he is to be hanged in a fortnight, it concentrates his mind wonderfully"
When we look at the DRC's recent decision to cancel the ministerial decree awarding Dathcom a mining licence, that's a bit like an impending hanging for our management team. Based on their 2022 remunerations, particularly the number of free performance shares held, I am sure they are aware they have a lot to lose and will be acutely focused on this unfolding issue.
In 2022, AVZ dished out approx $2m in salaries and consulting fees to top mgt, plus 37,825,000 free performance shares (table 1), plus GOK how much in legal and other consulting fees.
And this is what it bought us: Two years behind schedule, construction at a standstill, suspended from trading for eight months, an impasse with an increasingly hostile DRC govt, under seige by 1.4 billion Chinese and a German, and everyone thinks we are the bad guys.
All we need now is a flood and a plague of locusts.
Cheers
F
Table 1. AVZ Top Management Remuneration (Ref: 2022 Annual report)
Name | 2022 salary or consulting fees ($AU) | 2022 Performance
shares granted | othfer |
John Clarke | 120,000 | 6,750,000 | |
Nigel Ferguson | 440,000 (GST incl) | 9,000,000 | |
Johnston | 385,000 (GST incl) | 7,000,000 | |
De Jager | 363,000 (GST incl) | 4,500,000 | |
Cohen | 225,000 | 1,575,000 | Plus statutory superannuation |
Rhett Brans | 54,545 | 4,500,000 | |
Peter Huljhich | 60,000 | 4,500,000 | |