hahahaha:t_up:
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It's also a very good example of what happens when you don't have good governance in terms of the composition, background and diversity on the board. They also haven't attracted anyone outside a very shallow pool to the board - in a country where there is lots of expertise in tech they have single handedly managed to be shunned or themselves shunned a lot of expert talent.
http://www.nzherald.co.nz/business/n...ectid=11666492
Shareholders have just got to love the total arrogance and absence of ethics of these guys
The sooner the Rakon business fails, the better the NZX will be for it. One less snake for potential shareholders to be watching out for
At the AGM of September 2012 the company made a public commitment that the Directors Fee's, AND the salaries of the Robinson's, would not increase until the company reported EBITDA of $25M.
EBITDA 2013 $5.1M
EBITDA 2014 $(7.5M)
EBITDA 2015 $15.4M
EBITDA 2016 $9M
Perhaps not a real commitment then hey. Just half a one....
Corret me if my memory is wrong but i think the Robinson's also own the building/s Rakon leases., a win /win for them ehh!
Here's the text of the commitment from the chairman's speech:
We also realise that some shareholders see a relationship between the performance of the
company and the remuneration of the Board. We, as significant shareholders
understand that and although there has been no increase in directors' fees
for the past 5 years we do not intend to seek any increase for individual
directors until Rakon at least achieves an EBITDA of $25 million, and even
then we will be very considered as to whether or not we will seek anything at
all. In a similar show of support for the company the CEO and the Marketing
Director, have agreed to have their remuneration fixed at today's levels
until such time as the $25 million EBITDA is achieved.
Another gem from the chairman's piffle at the 2012 AGM:
So while our share price and profit performance is not where we want it to be
Rakon is very well placed for the future. Management and the team globally
are very energised by the investments we have made over the past 3 years and
firmly believe we can capitalise on our unique global position. As investors
it is over to you to form your own views as to the company's long term value
but today's starting point of 44 cents per share is half the company's net
tangible asset value - in other words selling for half price.
Time for a Sharetrader "Wall of Shame" thread or perhaps a "Companies with clear lack of Ethics and/or Integrity" thread
Make it a sticky so that new users of Sharetrader can avoid loosing money on companies with a track record of such behaviour
Shareholders Assn calls for big change at Rakon
http://www.nzherald.co.nz/business/n...ectid=11685004