Cheers, things to note: Anti EU sentiment in Europe impacting on Euro. May Euro elections, UK could give Ukip the thumbs up. Scottish independence vote could upset sterling. China growth slowing, Brazil struggling, India struggling. Japanese yen could be the first to show signs of downturn. US taper is having a major impact in emerging markets. Talks of interest rises in UK and US, this would strangle the housing ponzi bubbles that are being used to fake economy growth. Gold, is going to see a major turnaround.
Some crony capitalists would have dismissed me as a crank and just carried on trousering the dosh. I chatted at great length to Redmond last night and I give him full marks for what he has done today. I may have been an agent of change at Leed, but for quitting as he has done I am now setting up the Official Peter Redmond fan club.
Redmond accepts that Leed has failed its investors. The blame for this should not just be levelled at Redmond but also at the other two directors (Gibbs and Patel) both of whom are up for re-election today. They will be re-elected because just two shareholders from the Orient control 23% of the Leed equity. And they have, as usual, proxied in support for their men. As far as I can see these folks do pretty much nothing for their dosh and add no value whatsoever.
I sense that Redmond wanted a better board to work with to turn Leed around. I also sense that Charles Zorab, who I also know, and who has joined the board today will face the same issue. But Redmond was not going to get his way, he accepts that Leed has not delivered and so he has walked without, as far as I can see, any big payoff. So in that sense I congratulate him for, today, acting with honour.
In doing the decent thing rather than just trousering the moolah while clinging onto his non-job, Redmond has differentiated himself in a very big way from the sort of crony capitalists who control so many AIM companies.
As for Leed? Let’s see what Charlie brings to the table. The two previous enterprises where he has been involved and which I have followed (Hambledon Mining (GBGR) and Watermark Capital now Armadale (ACP)) have not exactly been glorious successes. Put it this way: if you look at their share price charts upside down they look like spectacular winners. Maybe it will be third time lucky as I shall keep an eye on Leed. It strikes me that unless it can change the other two directors and bring in someone of proven talent (I nominate Adam Reynolds) this is a stock going nowhere at all.
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