The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Err, thanks?
Si good luck with your investments am staying till 2024 for some divi and £1+ share
Iamsailing. You have my sympathy. I was a LTH, sold out in the 13's accepting to cut my losses at £25K. Belief, hope, doubt, fear, anger then the inevitable get out while you still have something! I know how you feel. Then the other LTH's and new investors, with no doubt similar thoughts, all jump on you because they just don't want to hear what might be their inevitable fate too. It's sad that the plain facts of the BoD's long term deceptions cannot yet be accepted. My sympathies go to all with much heavier paper losses. JW has done himself proud. I see the "pipeline and break even this year" has been replaced by "revenue aspiration". JW's favorite storybook must be the Pied Piper. Last results: £25.5M record loss is 2.5 times the previous year. Share price declined 57% yet so many here still "believing" some miraculous reversal of fortune is around the corner...........good luck to you all!
You are more than welcome to express an opinion, I just don’t see how expressing this way on a public board will help either of us financially. It’s your prerogative and I’m certainly not going to block you as I’ve valued the contributions you’ve made. What I can say is several large retail holders have now satisfied themselves that what occurred was absolutely within what you’d expect of a listed company and any conflicts of interest were declared and managed by the Board at the time. There is clear documentation for all of this.
I am...yes you are...
Did you say fillet or filter...the former sounds best
It is the company who have disclosed it. It’s in the accounts. John Wood the CEO has rented out his own fishing boat using your and my money for hundreds of thousands of pounds, while paying himself millions and presiding over a massively loss making company. Sadly, due to the parlours state of AIM regulation it is probably within the grey zone of what is legal but that doesn’t make it any less disgusting. If you don’t like me expressing my disgust and anger and extremely low opinion of the BoD’s integrity and competence then filter me.
Iamsailing...wish you would.
Ok we get it! Your ****ed off. Now move on. Sept 6th is the place for this now. End of.
There is rather a lot of evidence of irregularity and that is what people are posting here as they should if they want to share their anger about it. What would you suggest? Silence and regurgitating the company’s fanciful hype and lies?
Iamsailing ref 08.55 post So it is alright to cast aspersions about the conduct of the members of the BoD but do not give them an opportunity to respond to the allegations. That sounds to me like a complete disregard for the rules of natural justice. If you have concerns then they should be put to the board so that they can have the opportunity to respond to the allegation. When I have put concerns to the BoD I have been given a reasonable answer. Whether I accept the reasoning is actually irrelevant. The point is that the answer is on the record so we know what they say the position is as they see it.
What do you suggest apart from people proclaiming financial irregularities without evidence?
Sadly, attending the AGM and asking the board won’t achieve anything. No more than asking a politician a tough question in an interview would. There’ll be a rehearsed answer, it may be unconvincing, but then they’ll move on. What has been achieved?
If these were the unaudited accounts I could understand the concern raised, but these have now been signed off by the auditors and everything spent, particularly these costs, will have been scrutinised. If people are that concerned, I would suggest attending the AGM and asking the board directly. Alternatively, reach out to the board as I have always found them forthcoming with information. I certainly don't always agree, but open dialogue is important. What is said on this board may let off steam and give some light relief, but it's short lived when it impacts the SP.
https://www.summitlawllp.co.uk/director-disqualification-guide-2022/
Directors are legally responsible for running a company, and, under the Companies Act 2006, there are set statutory duties and responsibilities that all company directors must adhere to. These include (but are not limited to):
Avoiding direct/indirect conflicts of interest between themselves and the company;
Not accepting benefits from third parties given because of their role as a director;
Not accepting benefits from third parties given by doing/not doing anything as a director;
Declaring an interest (where one exists) in any proposed transaction or arrangement.
As Nobby31 puts it, if he can show these deals were all above board and were put out to tender, then all is good. If not then imho he should resign.
To which organisation does one report such a suspected act of malfeasance?
We can but hope that the fat twunt's arrogance will see him in chokey.
Much to pursue here.
Too add, if it was tendered in an open and transparent way, then HARL would have hired a professional company, with the specialised equipment required for the kind of surveying requested and using appropriately qualified staff.
This is "big business/heavy industry" where things are done properly, you wouldn't hire your brothers fishing boat.
Anyway i'm off to watch BBC's Panorama, which tonight is about thieving, scamming and corruption.
Come on Nobby its absolutely impossible that this was carried out in a transparent way, as quite simply it doesn't cost hundreds of thousands to do a few days surveying work.
As for his consultancy role, the man is the CEO he gets a salary for his alleged knowledge, we shouldn't be having to pay twice for it.
Here is what I assume happened as certainly zero comms for a decision around it, just happened. JW and his brother I believe decided to strap survey vessel on the KY and trawl around IM plugging gaps in ML where they could. Then it dandered back to a Scotland and everyone was quids in. Funny how KY is also something else used as lube when things are getting shafted.
I think that as long as this has been carried out in a transparent way ie a tender process with an independent review board then it is OK. I think it is entirely predictable that shareholders would pick up on this matter and so the Company ought reasonably to have foreseen this and provided information to the shareholders to demonstrate the process that was followed. If it was then there can be no issue if not then questions should be asked of quite what did happen.
But can those fishing boats morph into a survey vessel like the KY?
Its a sorry state of affairs that our glorious leader has the audacity to even think up such a scam, let alone seemingly get away with it.
The man is taking peoples hard earned money from them and sticking it in his back pocket, he really should not be running an AIM listed company.
Of all the shenanigans that have gone on over the last 4 years, this episode is by far the worst.
You can charter a fishing boat similar size to KY for around £650 per day
£450k seems a tad pricey to me...
Si,
19.17 - back at you!
Or maybe KY.142 ;)
Yes, prepare the vasaline, I see a shafting on the horizon.
Its more the case that we have been shafted, but we may get out with some of our money if the JR goes our way.
Would anyone have a realistic figure as to what IM would be worth, if sold in its entirety?
Lessons learnt from investing in an AIM company.