Follow the sheep and the bad sentiment. I don't disagree that the mgmt has been bad but also very unlucky . The bright side is the CEO is on his way out and I'm sure that there are plenty of company's sniffing around these cheap assets
Printable View
From the 2010 Annual Report, the top 15 earners earnt approx $3.5m in total, so about $233k on average, plus shares? The board were an extra $540,000 on top of this.
I had a look at the careers page as thought that i might apply for DS's job, as I believe I can run a company that 'has a small team (around 20 employees) based in Wellington, New Zealand. We are not currently operating any projects or facilities, so have no field office or staff'. But alas wasn't advertised!!
Otherwise the tealady position sounds good!!
Snr. Roberts
Please tell to this forum
All current job description and number of people in category and salary bands with , as you say, "perkeys" example auto and cell.
thankyou
Bruce, as I explained in my reply to your email a few weeks ago, under the Privacy Act I am not able to supply personal information – or even get access to it. I do not know what other staff members are paid. However, salary bands are published each year in the Annual Report.
In general terms I can say that NZOG's technical people – geologists, geophysicists – are reasonably well paid compared to most vocations in NZ; however, they would be paid at least 50% more in Australia, and over 100% more in many parts of the world. A senior geologist in the Middle East would typically receive US$500,000 a year tax free.
NZOG's CEO’s total remuneration is on the public record - NZ$559,000. A NZ Herald survey earlier this year showed that this was the second lowest CEO remuneration level out of the NZX50 companies.
NZOG's salary cost in FY11 was approximately 4% of revenue.
Followers of this thread with other questions should tune in to tomorrow's Quarterly Report audio webcast, available through the NZOG website from 11.30am.
NZOG desperately need a rejuvenated board.
DS leaving is not good - he did not like what PW was doing and said he had lost confidence in him.
The Board disagreed.
After PRC blew up, DS resigned.
Does that sound right to anyone of you?
Public Affairs Manager - we can probably cut that role?
Balance, your second sentence seems to contradict itself. Can he like what PW was doing but lose confidence in him?
The Pike fiasco, the current Tui de-rating, most of all all the squandered opportunites that the free flowing cash from Tui should have thrown up during the GFC, the inclination towards exploration on the other side of the world where its all but impossible to see how NZO have a competitive advantage, cancelling the dividend long before free cash flow from normalised operations for the year was known, management salaries, the entrenched positons in the board, especially TR and his conflict of interest regarding the PRC matter, the $12m donation to PRC when almost all on here could see that it was unlikely to be a going concern and they could easily have excercised their force majure clause to further financial assistance, the bad luck, DS leaving, head office overheads now appearing to be woefully excessive, "management" if you can call it that of foriegn exchange reserves and ALL this against a backdrop of record oil prices.
How do you value a company with this sort of record and present issues ?
Well I'll have a stab. As a takeover its probably worth north of a $1, another company could strip all overheads, staff and exploration and simply milk Tui and Kupe and extract value that way.
Without a takeover and if one assumes the company maintains its current board, core management and "so called" strategic direction with their "heavily strengthened management team" quite simply i think shareholders are on a very slow and painful hiding to nothing.
Maybe a speculative buy at 40-50 cents for the very brave on the basis that they could be a takeover target, at present I'd rate them a sell on the basis that poor directors and management will continue to erode shareholder value just like they've done over many, many years now.