The Vislink remuneration issue relating to the totally inappropriate and over generous Value Creation Plan was flagged up by Paul in his daily blog a few weeks ago. A large group of us decided we needed to meet with the Remuneration Committee so they could hopefully explain themselves and as there are hundreds of investors interested in the outcomet I have decided the best way is to open up the correspondence I received after our meeting with the Remuneration committee. I am spending vast amounts of time on this and with every piece of information more questions seem to arise. There really are a mass of issues highlighted by shareholders surrounding this VCP.
If you want to see all the background material and links to the uproar the VCP caused then do check this shareholder action group website link www.freesharedata.com/vislink-poll
In fairness the three members of the Remcom spent over two hours with our eight strong shareholder group and the questions put to them were constant and very direct from all parties in the room. There were many issues that could not be answered fully or that the Remcom felt were commercially sensitive or could be construed as forecasts and they did not want to divulge the full detail. They did state that they used the Deloitte small-mid cap report for guidance on comparatives and Deloittes were the company who provided advice as the Remcom consultants.
Most questions related to the VCP and which other similar schemes had been used as comparative plans? We were not told on the day but they said they would come back to us ! There was an attempt to show us a presentation on a tv screen in the room but the print and graphics were so tiny it was pointless and we simply carried on with the target line of questioning. I will ask if the presentation can be made available to all shareholders for download as we did not receive a copy or know whether the content is useful.
The shareholder group were totally baffled as to why this scheme was needed at all with the LTIP still in place for another 18 months and of course why a VCP style plan is now required which is more commonly used in private equity situations rather than AIM listed companies ?
As Singer have said they spoke to the larger institutional shareholders representing 40% of the company, I think it would be worth trying to track them down and asking them.
They may be relaucant to answer questions from "strangers", but if they can be identified & then an investor in their fund found, I don't see how they could decline to answer a question from an investor. Or am I being naive?
Garbetklb
