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  "documentTitle": "Palliser Capricorn Presentation October 2022",
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  "presentationDate": "2022-10-01 00:00:00",
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  "notes": "Uses peer benchmarking to highlight inefficiency in staff costs and administrative expenses.",
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      "kind": "callout",
      "text": "G&A spend remains astronomically high and represents a severe level of cash burn for shareholders",
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      "text": "Capricorn: Staff Costs & Administrative Expenses (US$ million)",
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      "text": "Staff Costs & Administrative Expenses (% of Revenue)",
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      "text": "Average Cost per Employee (US$k)",
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      "text": "Management's irresponsible level of spending on overheads leads to an ongoing erosion of capital for shareholders. Staff and administrative expenses have continued to rise materially despite a substantial simplification of the portfolio.",
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      "text": "Source: Company disclosures, Bloomberg as of 25 October 2022",
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      "text": "A Total Lack of Cost Discipline",
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