Anyone Attending the AGMI am shocked that there has not been more chatter regarding Liik’s compensation. In his “exit interview” with Laurentian, Sandler ‘cites what he perceives to be self-interest behaviour by certain members of Cymat’s board”. Looking at the Management Discussion we see that Liik’s compensation jumped almost 60% (while Hardman’s dropped 45%). That compensation included a whopping $60000 for Investor Relations fee (as was the case last year) and $94000 for a consulting fee.
WHAT??? Our CEO (who is literally absent from the company) was paid both a IR service fee and also a consulting fee – all on top of his CEO fee of $60000. I am amazed shareholders on this board are not fuming. The private placement raised $2.7 million and Liik takes out almost 10% of that amount as his compensation. I would say that this qualifies as “self interest behaviour”. It makes no sense to me.
Keep in mind that there was also a finders fee paid to the private placement agents of $101000 in cash along with 328000 shares. So shareholders have paid two finder fees, one to the agent, one to Liik. Are we stupid or what?
Anyone planning on attending the annual meeting in August should bring this up. Or, you guys tell me if I am off base. I’ve got no problem with stock options (with longer term vesting privileges) but this cash grab …..? Will anyone bring this up at the meeting? Did the company do the private placement just so our CEO can line his pockets? What do you think?