To me looking in this would appear somewhat of a no brainer.
Crown Ocean Capital have a reason to issue this GM request... 'In total, the Company has raised more than US$580 million of equity from shareholders over the last 10 financial years only to see the share price collapse by around 90%' whilst ...'the Board was awarded a staggering amount of US$44 million in overall remuneration over the same period;' and stated that ...'The cash burn in the company has been alarming with overall more than US$100 million spent during the last 2 fiscal years alone (with a corresponding US$20 million in administration expenses)'.
In essence they wish to earmark cash to bring on Etinede and reduce board members to 3 and slash running costs.
People on this board could be annoyed at me as I will openly admit I don't hold. Throughout the years I have been in and out of VOG however and I would never look at BLVN as despite its assets there seems to be a huge burn through of cash.
Of course it is only my opinion but I think that the three board members COC recommend would seem imminently well qualified, they would have a direction to go (Etinede) and costs would be slashed.
To be frank someone has to ask what have you guys received in return for almost $600M dollars over 10 years and then ask what have the BOD received, are they aligned.
And to stave of any comment NO, I am not holding VOG as a good example nor would I infer anything un-propper has happened here however Kevin Foo from VOG has invested his own money in the company and accepted payment in shares in the early stage.
Why the Board recommends that you VOTE AGAINST all of the Resolutions:
They conflict with minimum corporate governance standards COC has no credible strategy to maximise asset value COC intends to strip cash, weakening the Company’s balance sheet and substantially reducing its options They jeopardise existing plans to deliver long term value for all Shareholders
About time. Some of the stuff reported as "fact" in the rebuttal RNS are not "facts". Such as the remuneration. If COC does drag these lots to court, hopefully it will be in their personal capacity so that no further company money is wasted to defend these leeches.
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