RE:StanmoreHello BCdude,
Not on ignore - I saw the UGE post and had a quick look see, checked the financial statements, saw the negative equity and the significant number of dilutive fund raising actions and decided to give it a pass, especially given the hours of work awaiting on the 150 pages of Verde documents just released.
On Mr. Veloso's compensation, it was this line in the March 15, 2021 news release that raised my eyebrows:
For 2020, Mr Veloso was paid a bonus of $550,990 for hitting the Company’s targets of growth and sales for the period.
As I have previously observed, 2020 is effectively year 3 in the 2017 Pre-Feasibility study, where Mr. Veloso's leadership delivered 243,707 tonnes of sales. Year 1 in the study targeted 600,000 tonnes. Three year late Mr. Veloso delivers 1/3 of the expected sales, and has promised to deliver 350,000 tonnes in year 4, still barely half of the original year 1 target. This is not a performance that justifies receiving any bonus what-so-ever, let alone 132% of base salary.
Someone is setting the performance targets way too low, and setting the payouts way too high, in my considered opinion. I thought it was the Chairman of the Board and the Compansation Committee, but then found out Verde has never had a Board Chairman until someone appointed Mr. Veloso to the position.
I would very much like to know as to how this all came about. Roll on April 7, 2021 Q&A session, lots of great questions on the table already and more coming by the day.
Cheers,
S.