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Clearly a significant governance crisis here seen by Callum Summerton's suspension. This move completely undermines recent positive developments led by Callum, aimed at rectifying past mismanagement. In my view, Russo and Taylor appear to be making a power play rather than a genuine concern for corporate governance. Additionally, the company's stability and growth are now at risk, making it crucial to address these governance issues for a sustainable future.
We would be foolish to assume board member Scott Thompson and co are acting out of objectivity but rather Callum has done nothing to p*** them off and they are sacrificing the integrity of the business to get a 1 up. Once they see how badly the business operated without him, he will be reinstated.
Not disastrous news but definitely a hindrance to the business with Callum on suspension. Will be interesting to see how events unfold, I believe the corrupt crew in charge will have to come to their senses and reinstate Callum. Once this occurs we can see some positive SP action
DCraig the rises of the last month have been on the back of Callum's efforts to turn this company around. Just when things were looking up the dark forces of the past strike. Bad news for most of us.
I'm not sure this is disastrous news. Dispite the large drop in SP we have seen the price is still 33% higher than we saw a month ago.
some uncertainty of course but the market reaction could have been considerably worse. Especially where a threat of litigation looms.
i'm still relatively happy we will continue to climb in the long term.
I’m guessing the half million around the mid is a buy as the 25,000 after it is mine. Definitely a buy so I can have more voting power.
Buysellfredmcfc, you’re correct. Any large purchases by any of the instigators of this action would warrant a thorough investigation. I wish it had been suspended pending the outcome of the investigation as it removes all the doubts.
Turnthecorner. Same thoughts as you. Out with the 2 Americans, but only if Callum stays. He’s played a blinder so far and I can’t see why he shouldn’t continue.
So, on friday, Callum was looking into the legalities of the EGM demands .
Today, he is on gardening leave, and forced into making a small private announcement on X....basically denying any wrongdoing, and allowing time for any inquest to take place.
The hunt for "interim" CEO, imo, SUCKS.
I fully accept any deadwood be hoofed out of the company..however, what gives Swanny the right to demand any deadwood be replaced by THEIR choice of totally UNKNOWN persons. ???!!!
Shareholders need to vote.
More to this than meets the eye imo..
Circa 20% drop in sp, watch in coming days for any largish buys, esp from the abovementioned upping his stakes...THAT would warrant a proper investigation, not CS.
The sp has ridden out 2 major storms recently, and has/ is bouncing back slowly again. This underpins,imo, a good sales figure releas soon...or why would they have topped up recently ????
Callum Sommerton
@callumsomm
STATEMENT
I am surprised and disappointed by the allegations made against me, which I believe are without merit. I am confident that I will be vindicated. I will avoid further comment at this time to allow the process to progress.
Callum's new header on X.
Quite agree Bellers
The two Americans I believe are a spent force as they nearly obliterated the company then were gifted 7.2 million each in options in September. Enoughs enough !!
As long as Callum remains as CEO we have a great chance of not only survival but the making of a blue chip company .
As far as the voting goes I’d vote Taylor and Russo out and give the newly named Graham Duncan and Aditya Chathli their positions only if Callum remains CEO .
What’s others thoughts regarding replacing our two American Directors ?
This situation is being caused by the American directors who are achieving very little in exchange for large for salaries. I hope Mr Swann's demand for a special meeting can prevail so that we can have a free vote and show our support for Callum
I have absolute faith in Callum Sommerton and am shocked by the goings on today. Last week to be honest I’m not so shocked about as I saw that as Mr Swann wanting to reduced costs. Not nice to be on the end of it, but legitimate in his eyes to save cash. But Callum? No.
This doesn't smell right to me. This company used to be mismanaged but things were moving in the right direction with improved corporate governance. We seem to have gone back to the bad old days.
If I was a little more cynical I may think that all this upset was preamble heading towards a takeover. Just me thinking out loud. Callum’s dragged us up from the depths and now the mud slinging has started. It should have been suspended from trading at 8 a.m until the investigation is completed.
@trade wizard89 I do understand. This is about the 2 idiots that were lying to all us shareholders about gummies and how they were selling but telling the truth.
Callum came in , rescued the company ( without him chill would of been gone) got the family to invest quite a bit and started turning the company round.
You really can't make this up., callum either impeccable conduct gets suspended on suspicion and the 2 dummies before ( Who f#$king lied , committed deception) moved aside without sanction.
The idiots who suspended him , won't be able to fill callum shoes !!!
Karlvonwise, i agree and the whole thing seems unjust. The suspension of Callum has led me to check share chats if others feel the same way. I don't understand why the founders would want to get rid of a CEO with the right skill set who was turning things around for Chilled Brands.
My bet is that those that stay LONG will be rewarded, albeit a turbulent next few weeks :)
Fair point that it is not AIM... I'm no expert in takeovers, but doesn't the Takeover Code still apply to the main markets too? Rule 9 is where the 30% comes from.
That would be good but chill brands group is not in the AIM market , it’s a small cap in the main market with different rules
It wouldn't surprise me if we see a hostile takeover attempt later this summer... As I understand it, if someone owns 30% of the shares, they have to make a mandatory bid under AIM rules... If a lid is kept on the share price until late June, the 52 week high will be circa 6.25p... MCAP wise, cheap as chips, particularly if someone has built up a 30% stake. All speculation of course, but let's see how this plays out. Popcorn at the ready!!
this is poppy****. i'm no longer invested here but callum is a decent, hardworking gentleman.
this is just so rivals can get the edge of chill.
callum, you probably reading this post. you are a decent, hardworking gentleman, forget this nonsense, you brought chill back from the brink
So as we see it...
16/04 - A TR1 stating JS has 13.45% of the shares (an increase on holding)
17/04 - JS submits a requisition wanting his men appointed
22/04 - The CEO is suspended..
Surely there is some insider trading going on here with JS? All very fishy.
Swann is buying and so we should too
Summer sales have come early
the song remains the same Vaping is growing at an explosive rate