World Audio has filed its Annual Report with the Stock Exchange this week, confirming figures released earlier that show the company made a $6.5 million dollar loss for last financial year on advertising revenue of just $175,189.

World Audio’s annual general meeting will be held on Monday 28 November at the company’s Homebush headquarters.

Items on the AGM agenda will include the financial statement, elections, approvals for borrowings, the issue of shares and options to CEO Andrew Thompson and the grant of retirement benefits to Thompson.

Thompson’s employment contract was renewed for a period of three years on the 18th of October, four days after the Digital Radio announcement. Shareholders must approve this contract renewal agreement.

The retirement conditions which shareholders will vote on provide that if, after 31 March next year, the board terminates Mr Thompson due to the performance or prospects of the company, then retirement benefits of $270,000 will be paid, along with a tranche of share options.