271 days ago
The FCA Investigation into Wandisco (WAND) and its fraudulent sales continues. I wrote to it last week about the way that ex CEO Dave Richards MBE and CFO Erik Millar were given huge bonuses solely because of fraudulent sales figures. Now I have written again on the subject of payoffs.
274 days ago
The FCA Investigation into Wandisco (WAND) and its fraudulent sales continues. I do not expect it to affect the business going forward but I hope that it results in ex CEO Dave Richards MBE and CFO Erik Millar being thrown to the wolves if not into jail. I have dropped the FCA a note focusing on the issue of 2022 bonuses, as you can see below
278 days ago
Earlier I looked at the obscene bonuses awarded to ex Wandisco CEO and CFO David Richards MBE and Erik Millar in a year when they brought the company to the verge of bankruptcy. I still cannot see how this can be allowed. Now let’s move on to the stinking related party deals involving Richards which, in a way, are even more shocking.
519 days ago
The corporate governance at Nightcap (NGHT) is – as I have exposed on this website so many times – dreadful. That rather surprises me as the non executive chairman Gareth Edwards is not a bad old stick despite having been a partner at the accursed law firm Pinsent Masons. One issue that the cash strapped company, now right up against the limit with its banks, and with its rollout programme on hold, is bonuses. I urge Gareth to look at events at Gresham (GHE), which – to make it easy for him – are detailed in full below.
639 days ago
The half year trading update from Mirriad Advertising (MIRI) out this morning is truly appalling and it shows that those running the company are living in a parallel universe of self-entitlement. This company which has never turned a cent of profit and whose revenues have always been less than your average East Midlands corner store, pays bonuses. Bonuses for what FFS?
1051 days ago
I start with a few thoughts on Kefi Gold & Copper (KEFI) in the wake of today’s scoop. Then it is onto more failings at the FCA and the scandal of its staff bonuses. Finally some thoughts on inflation which is now clearly starting to get a grip. Even so I can’t stop myself holding a good bit of cash.
2275 days ago
The scandal over fat cat bonuses at Persimmon (PSN) is something that we were the first to expose back in September of last year way before the national press got onto the case. The real villains are the Government but also the overpaid and negligent City fund managers who agreed to this scheme. They are now trying to shift the blame onto the bosses, notably CEO Jeff Fairburn, but this is about blame shifting not what is in the best interests of shareholders. I then look at wider market wobbles mentioning, en passant, IQE (IQE), SnapChat and other examples of lunacy.
2457 days ago
Just three months ago some of Britain's top fund managers ploughed more than 50 million dollars into a placing organised by AIM dog Telit Communications despite numerous warnings from ourselves and others. But they knew better and anyhow it was other people's money. The shares have collapsed today to less than half the placing price after the most awful set of interims. But the fund managers will still earn Inter City salaries + ( more than 125) and fat bonuses so who cares? Are there any folks in the share world dumber than those fund managers? Er....
3635 days ago
A copy of the Northern Petroleum (NOP) annual report lands on my desk. Thud. A lot of trees went to produce this weighty tome which places undue prominence on 'elf n safey, Corporate & Social Responsibility, etc, etc. That is all a smokescreen of sanctimony to mask an act of brutal AIM Cesspit crony capitaism. Naturally I turn straight to page 87 of 96 and there it is. Bonuses for directors! WTF?
In 2013 the bonuses for Northern’s three executive directors were: Keith Bush (CEO) £30,000, Nick Morgan (FD) £24,000 and Graham Heard £20,000. In 2012 no directors were awarded bonuses.
I would point out that in 2013 Northern reported a loss before tax from continuing operations of 27.266 million Euro. The share price was 55p at the start of the year. It ended the year at 30p and is now 26p.
Heck if the company had only seen its shares slump by 30% rather than halve what sort on bonus would the lucky lads have picked up then? This is obviously a case where the interests of greedy directors are utterly non-aligned with those of shareholders. And also of staff. I note that given Northern’s vast cashburn, about half a dozen staff have been handed p45s in the past month or so. So let’s fire a few workers to pay for bonuses for directors who have destroyed shareholder value big time. Do you think that is right? I do not.
I put it to Keith Bush that this boardroom greed was just not acceptable and he replied that the bonuses were:
