Not having been satisfied at earning management fees for 10 years off Tshipi, which amounted to between 15-20% of the asset valuation (1.5-2% pa), Jupiter installed a CEO with a salary (£400kpa), pays him a re-listing bonus of $4.27m and then continue to pay him a bonus of 1% of the dividends. Mr. Gilbertson initial director’s pay set at $60,000 per annum will increase immediately post listing to increase to $130,000 (subject to shareholders approval).
Column 1 0 Reader critical of Jupiter IPOby alanpatrickryan
Jupiter owns a minority stake in a operating company. Tshipi has its own board, its own management. Why does Jupiter need its own top heavy board and management? What value if any do they bring to the Jupiter shareholders. It is doubling management for the sake or remunerating management?
Realistically what will Mr Thapliyal be doing on a day to day basis to lead the company (from I guess the UK?). After all this is the management who split the marketing rights such that Jupiter markets its manganese against the efforts of OMH who market the other 50%.
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