Albert Tatlock Posted November 25, 2014 Author Share Posted November 25, 2014 You know...when you hear...'will the last one leaving please switch off the lights'...god bless him...that'll be Slim. Quote Link to comment Share on other sites More sharing options...
Slim Posted November 25, 2014 Share Posted November 25, 2014 Here is Mr Teare on the Parliamentary Record stating that Mr Christian's total remuneration package would be public knowledge and would be published as part of the Public Accounts Committee requirements, so this makes the reluctance of Mr Teare to answer questions all the more difficult to understand. Over to you Mr Cannan? Also very odd no mention of Gasworks Media Ltd in the package? Um, no. He said 'public accounts' not 'public accounts committee'. He's referring to the directors renumeration requirements for a public company accounts filing, and Mr Christians renumeration is indeed in those documents for public scrutiny. http://www.pinewoodgroup.com/sites/default/files/ps-pdfs/ar13.pdf "During the year the Group signed a consultancy agreement for services related to the Isle of Man Investment Advisory Agreement with Gasworks Media Limited, a company incorporated in the Isle of Man, whose sole shareholder, Steve Christian, is also an Executive Director of the Group. The total value of the transactions during the year was £120,000. " Given his salary with Pinewood is almost minimum wage, it's clear the £120k is basically his salary. We've outsourced him to pinewood, that's all. 1 Quote Link to comment Share on other sites More sharing options...
asitis Posted November 26, 2014 Share Posted November 26, 2014 Some very careful wording today ... http://www.manxradio.com/newsread.aspx?id=73968 Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted November 26, 2014 Share Posted November 26, 2014 Some very careful wording today ... http://www.manxradio.com/newsread.aspx?id=73968 So we've doubled the investment. Now let's realise that gain and look to invest in something a little closer to home where the investment will benefit a greater number of local people. Quote Link to comment Share on other sites More sharing options...
asitis Posted November 26, 2014 Share Posted November 26, 2014 Some very careful wording today ... http://www.manxradio.com/newsread.aspx?id=73968 So we've doubled the investment. Now let's realise that gain and look to invest in something a little closer to home where the investment will benefit a greater number of local people. and save 360k a year in consultancy LOL ! Quote Link to comment Share on other sites More sharing options...
Slim Posted November 26, 2014 Share Posted November 26, 2014 and save 360k a year in consultancy LOL ! According to the handsard remarks it won't, as it's a fixed term contract. Given there's apparently only 10 mil cash left out of the orignal 25, this issue will resolve itself soon (Provided they don't get given more funds) Quote Link to comment Share on other sites More sharing options...
Mr Shoe Posted November 26, 2014 Share Posted November 26, 2014 Given there's apparently only 10 mil cash left out of the orignal 25, this issue will resolve itself soon Did I miss something? Only £10m left? Quote Link to comment Share on other sites More sharing options...
Slim Posted November 26, 2014 Share Posted November 26, 2014 Did I miss something? Only £10m left? The balance of the Media Development Fund is managed by Pinewood Film Advisors and stands at £24.3 million. This is represented by our investments in film production against which we hold a recruitment position for future revenues and a cash balance of some £10.3 million.So I interpret this as £10.3 million cash left in the fund, the rest is already invested and may or may not give a return. Quote Link to comment Share on other sites More sharing options...
Mr Shoe Posted November 26, 2014 Share Posted November 26, 2014 Cheers Slim. Only £10m left? That's how I would read that. Appalling. Of course, future revenues of "Belle" DVD sales might surprise us. I wonder how many millions of people would need to buy a copy for us to recoup our losses? Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted November 26, 2014 Share Posted November 26, 2014 Cheers Slim. Only £10m left? That's how I would read that. Appalling. Of course, future revenues of "Belle" DVD sales might surprise us. I wonder how many millions of people would need to buy a copy for us to recoup our losses? You mean the losses of around 24 million that were written off in 2010 & 2011? Quote Link to comment Share on other sites More sharing options...
asitis Posted November 26, 2014 Share Posted November 26, 2014 Can anyone tell me, and I apologise if I am stupid and can't see this but, if we forget the share price which may or may not be able to be realised, and we forget the dividend as that is more than swallowed up in fees, where is this investment actually making any money ? Quote Link to comment Share on other sites More sharing options...
hillshepherd Posted November 26, 2014 Share Posted November 26, 2014 Can anyone tell me, and I apologise if I am stupid and can't see this but, if we forget the share price which may or may not be able to be realised, and we forget the dividend as that is more than swallowed up in fees, where is this investment actually making any money ? would anyone actually! know how much was invested in this stock,how much has been paid in divi's,and what the invested capital is worth at present day sp's? Quote Link to comment Share on other sites More sharing options...
Slim Posted November 26, 2014 Share Posted November 26, 2014 It's difficult to comment without knowing what the investment aims are. Back to the points about a lack of information, but the aim might not be to bring the profits directly back to the development fund. Quote Link to comment Share on other sites More sharing options...
Lost Login Posted November 26, 2014 Share Posted November 26, 2014 It's difficult to comment without knowing what the investment aims are. Back to the points about a lack of information, but the aim might not be to bring the profits directly back to the development fund. I think one of the critisism's of the select committee was the lack of clarity etc with regard to aims, criteria, return etc. Unfortunatly it appears that the reported aim is something that is decided on in hindsight and dependent on results. i.e if the fund produced a positive return as the films are profitable then that will be the criteria, if not then it will be jobs in the IoM, or spend in the IoM, or basically anything they can use to say it a scuccess. Or am i just being cynical. It should be remembered that one of the initial aims of getting films to the IoM was to support hotels in the winter months. 2 Quote Link to comment Share on other sites More sharing options...
asitis Posted November 27, 2014 Share Posted November 27, 2014 (edited) It seems patently obvious to me that the few film crews I have seen on the Island, and the short periods they have been here would not hold water in respect of spend attracted to the island so I hope Eddie won't cling to that as a financial explanation as to where taxpayers long millions has gone. Secondly in pure revenue terms, looking at the list of IOM films I can't see one that would make long millions when sitting in the reduced basket of a pound shop ! I confess to not having an understanding of the nature of the film industry, nor perhaps even of the investment criteria as slim pointed out, but what I do understand is that whatever Eddie and Alan and Pinewood /Cinemanx or whatever entity responsible or not responsible (delete as required) for the film funds, the Isle of Man Taxpayers cannot now, nor could they ever afford to throw away 50 million quid supporting second tier films in the feint hope one may come good ! Eddie needs to cut the bull and understand quite clearly this is not his money, it is ours and we deserve a full and unabridged financial statement as to what exactly this investment has achieved for the taxpayers in concrete terms ! Addendum After the VAT fidd scheme was ended I would add. Edited November 27, 2014 by asitis 1 Quote Link to comment Share on other sites More sharing options...
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