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Im afraid I don't see this easing up. It will tank back down and the results I suspect are crap hence why Swann made these suggestions to remove the directors.
Need the EGM to clear this up so we all know what has happened and how our numbers have been affected.
Not the right people sorry
Swann threw a lifeline to Chill and clearly wants a lean well run machine. All will become clear once the dust settles. Callum now needs to move quickly or the markets will see it as a way to drop us into the abyss as they do with anything that has uncertainties hanging over them.
Stop focussing on the positive future and think where we are now.
The sells have started.
Not really, I just think they are the right people to drive this growing business forward. The progress is slow in the USA and they haven't really achieved anything in the last 5 years. Callum has been amazing and it not right that Antonio earns twice as much as our CEO
The 'company' (anyone can see that constitutes a group of 2) can seek all the legal advice it wants, but it won't change the simple fact that Swann is perfectly within his rights to call a GM and looks well positioned to get to 50.1% in support of at least his 2 key proposals. As a result, I reckon any professional advisor the company hires from here will likely very soon turn into an expensive way of telling the US directors to resign before they suffer needless humiliation. Or worse
Yes and investors need to know why they are being booted out. They clearly dropped a big one that only Swann (and soon Investors) will know about.
Yes I did read it . Thanks
Wouldn't you been deeply concerned if you were getting booted out ;-)
Well you better read the statement that came out after Swanns RNS and intention.
The board support their directors
In the stock market statement, the company said: "The board is deeply concerned by this situation and stands behind its directors.”
The company added that it is currently seeking legal advice on the validity of the requisition and has advised shareholders to refrain from taking any action at this stage.
In the stock market statement, the company said: "The board is deeply concerned by this situation and stands behind its directors.”
The company added that it is currently seeking legal advice on the validity of the requisition and has advised shareholders to refrain from taking any action at this stage.
Antonio founded the company but he is a cbd man, I have no time for Trevor Taylor as I don't know what he has brought to the business. I fully support JS in this and see it has a good move
Swann needs to tell investors what he saw that warranted this immediate change.
Share price will tank until this is cleared.up
Share Price is going up and Swann decides to drop a late RNS midday trying to catch people off and express he wants to replace two directors with immediate effect prior to results being announced.
Why?
What did he see in the results that made him call this urgent EGM to replace two long-term directors?
The results are crap, the money may have ran out dry, a placing might be needed because of the two he wants to replace?
All unknowns at this stage
I've had no confidence in the American directors for ages, the sooner they are gone the better. However we need to be certain that the small shareholders and Callum are safe and will not face some kind of power grab. Mr Swann knows a good thing when me sees it I just hope he is willing to share it.
This is certainly an interesting development. When I last posted it was to detail an email exchange I had with Callum about financing. To summarise, CHILL continues to be cashflow negative and requires further financing to support growth. Recently, Mr. Swann has been the major source of financing form the company and, as well as being the largest shareholder, I think is also the largest provider of debt financing. I further asked Callum about the relationship he has with Mr. Swann and I received the following comment - "Turning to your question about our relationship with Mr. Swann, it is fair to say that he is extremely supportive of the Company and our vision. I am in regular contact with him, but that is equally true of many shareholders. I am an open book and try to make myself as available as possible such that any investor can reach out to me with questions or concerns. To be clear, though, Mr Swann does not exert any control over our strategic direction or our day-to-day operations. He is a supportive investor, but all decision-making remains with myself and the Board.
It looks like that relationship with the Board and the fact that "Mr. Swann does not exert any control over our strategic direction" has changed.
@newgrange quite so. Good on JS calling out apparent inadequacy. If successful will save us a packet and open up new opps and possibilities for the huge potential of the US market.
AINMO and GLA LTChillers
Today's fall = great buying opportunity tomorrow. I'm topping up further.
GLAGLTH
What a wnkr you are Openheimer. You described today's RNS earlier as a 'bloodbath'. You are the one playing with words to suit your own agenda and that of your paymasters. Why don't you do all GLTH's here a favour and fk away off.
Stop playing with words. There is a clear intention to replace subject to votes.
But there is a reason for their replacement and I'll bet you any money it has something to do with lack luster numbers in the results.
Immediately replaced? No one has been replaced. It is a proposal, would require an EGM and then would only pass if voted for by shareholders.
When can a general meeting be requested by the shareholders?
A company’s shareholders (ie members) can make a request to the directors that a general meeting be held. Directors must call a general meeting if they receive such a request from:
shareholders who hold at least 5% of the company’s paid-up share capital that carries voting rights (or, if the company has no paid-up share capital, 5% of the company’s voting rights.
so going off that, Swann & co can ask for a GM....although our own solicitors will know better !!
CS seems to appear happy with Antonio & Trev...but we are not privy to the goings on within the US market or sales....or whether it is just a cash burn over there. Seems UK side of things are not involved in the power squabbles !!
Seems a lot of sold shares got mopped up...hope it continues..
Yeh because the two newbies can change the likely bad results in the next RNS?
Everything will come good but not for least two months or more.
So a punta muppet
Enjoy your losses whilst I make money 😁