Terra Firma Capital Corp. TFCCF

Director/management compensation

[Northforce13]

Anyone have a line on how much the directors pay themselves?  I went skimmed through the annual informaiton report and didn't see it.

[Method]

Pages 14-17 in the latest Management Information Circular 

[Northforce13]

Thanks method Looks like for 2018 management paid themselves 6.14% of the company's current market cap at 5.60/share.   I did buy a bit a couple of weeks ago.  Would have rather liked to see management paying themselves very small amounts to help the company grow and not use it as a gravy train.  

[Method]

How are you benchmarking the compensation?

[Northforce13]

Didn't run any comparables, I'm sure it's similar to others, it just seems like a lot as a % of the company's size.

[Method]

Are you making investment decisions based on that metric? If it is relevant, I would think comparing it to book value versus the market cap would have more prediction value but that's just a theory.  Anyway, management owns a lot of equity, the ROE is trending higher, they introduced a new dividend, they are buying the maximum shares they can under the NCIB, it trades at 0.6x book, 7x

[Northforce13]

I agree, at this time their results appear to be improving. I'm long in a small way.  I presented the negative view to your points above.   Good luck to all!

[Method]

[Method]

I screwed up the quotes on the last one. Hopefully it's still understandable. 

[Thesweetheart]

there seems to be a ligit concern by northforce.

[Method]

Which one is legit?

[Thesweetheart]

ALL OF THE GWEN!

[Thesweetheart]

Oops. "ALL OF THEM; GWEN

[Thesweetheart]

Method book value means nothing!! With little shares traded, trending means nothing, compared to others means absolutly nothing. mgt owns most of the shares! 75%+ ! Its a cash cow for board and mgt! Show that mgt cares? Cut salary and benefits in half! Show a 3 cent profit!!!

[PKKCAPS]

Evaluating a financial businness from book value is actually a very effective method to determine the bare minimal value. Since all the assets book value represent the actual market value of the asset.   As an investor in TII for many years I couldnt be happier with the decision they took recently of buying back shares and paying a dividend.  I am quite confident with the businnes ,

[Thesweetheart]

That would be true if all profits flowed out to investors instead of in mgt pocket. Buying back shares is smoke and mirrors to hide the amount of cash not made for investors

[Method]

  they made a 20 cent profit last quarter

[Thesweetheart]

guess i missed that on the their report. Care to explain?

[Method]

i guess you either don't read well or don't do math well. Or can't do both at the same time.

[Thesweetheart]

Oops! 1 cent profit? Must have been spread out between buying back shares and board compensation, rights and warreants with a little partners buying land on the side and all the miniscule stuff that i missed it?

[ClemFandango]

The adjusted net profit last quarter was $748,000 US = $976,649 CDN. $976,649/55.64 M shares = $.0175/share or 17.5 cents per share post split.

[Thesweetheart]

Oops i was wrong i thought it was less then 20! Lets see if they can doo the same next 1/4 without feeding them selves first? That would be huge!

[Method]

GAAP Net income was US$867k * 1.3092 (June end exchange rate) = 1.135m 1.135m/5.598 shares = C$0.20 in EPS. 

[Thesweetheart]

And what would the little star mean beside the US$867k mean?

[Method]

  the little star means "multiply" 

[Thesweetheart]

I dont know exactly? But with perks, it seems high at 530?

[Method]

What do you mean?

[Thesweetheart]

over paid at 640

[Method]

I still don’t understand what you are trying to say.