With the 2013 year end now only 6 days away, I thought it would be a good idea to start assembling a list of questions that can be raised at the next analyst conference call or at the AGM in June.  I plan on sharing some of my questions over the next few weeks, and invite other investors to add any questions they might wish to raise.  I will maintain a comprehensive list of all contributions, and will ensure this list gets formally delivered to all members of the Board and the senior management team.  Here are the first two:


  1. Mr Jennings "stepped down" as President and CEO on June 20 2012.  Can you please confirm whether this resignation was a voluntary act taken by Mr. Jennings, with no financial obligations on the part of Discovery Air to Mr. Jennings arising from his departure as President and CEO, or was this resignation requested by the Company as a "termination without just cause", which would have triggered the termination compensation as outlined on page 35 of the 2012 Management Proxy Circular, estimated to be $1,462,598 as at January 31 2012?

    As of the January 31 2013 financial statements, how much of the termination compensation payable to Mr. Jennings as a result of his involuntary resignation as President and CEO has been expensed, and how much remains to be expensed in 2014 and beyond?  If the full amount has not been expensed in 2013, what is the basis of the defered recognition of this obligation incurred by Discovery Air?

    Can you confirm why Mr. Jennings did not receive the DSU's granted to other members of the Board of Directors as part of their compensation for acting as a Director of the Company?
  2. Mr. Semkowski resigned from the Board and served as interim President and CEO from June through December 2012.  What was the total compensation paid to Mr. Semkowski for his services in the Interim President and CEO role?


Please feel free to comment or suggest additions or changes to each question I have posted.


Have a great weekend.