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Gold/Mining/Energy : TS TELECOM (www.tstelecom.com): ASPIRING TELECO
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To: speculatingvalue who wrote (1542)6/26/2000 5:47:00 PM
From: M. Merriam  Read Replies (1) of 1762
 
Steve,

I just checked through 8003's prospectus and TOM's past news release, and I can't find any mention of insiders receiving 6% of 8003 for little or nothing. I'm thinking that there's perhaps been a mistake.

What's worse, though, is their (executive directors') apparent claim on 10% of future profits:

7.Discretionary bonus for executive Directors

Pursuant to the relevant service agreements between each executive Directors and the Company, the executive Directors are entitled to a discretionary bonus of up to an aggregate of 10% of the audited consolidated net profit of the Company attributable to Shareholders. Based on the audited financial results for the year ended 31st March 2000, the maximum amount of the discretionary bonus entitled by the directors will be approximately HK$4,000,000. No executive Directors are entitled to such discretionary bonus for the year ended 31st March 2000.

If this is as it appears, it's worse than giving them 6%--it's effectively giving them 10% of 8003 (depending on the terms of the agreement).

Also of concern is the reported insider selling (of TOM) around the time of the last Q results when TOM spiked above $2.

Anyway, just some observations...

Mike
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