Once again this issue comes onto my radar screen as I ask of Sefton Resources (SER) the AIM listed company suing me for libel, how many flights for its chairman Jim Ellerton to and from his Hawaii mansion were paid for by the company? It is a simple question that Sefton declines to answer. If the answer was nil it would have said so. So I assume that it is a lot more than nil and would like to know the cost. As, I suspect, would shareholders who are down 99.5% since the IPO.
Of course the inverse correlation between shareholder return and director comfort at Sefton Resources will be my specialist subject when I eventually appear on Mastermind but this is not just a Sefton issue. Quite rightly, after two or three years of AIM delivering up fairly miserable returns for investors many directors are being asked to justify pay packages and bonuses which have seen them profit while investors who actually put up the risk capital to get these businesses started and keep them going are taking the sort of spanking that Max Mosely would enjoy! Am I allowed to say that any more under our new code of press suppression?
But what has not been nailed down has been the issue of director’s expenses.
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