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yet to post....
Some of the RNS is correct imo, as usual some of it mis leading imo...
The Shareholders Action Group agreed to support the resolutions.
However, they also wanted a "conditional willingness" for George and Satu, to confirm that they would, "slash/stop taking" wages, freeze and bonuses, reduce expenses, for the foreseeable future!
To enable all and any funds they insinuate they may be able to raise, to concentrate on paying, what seems to be important overdue bills (should have cut/stopped wages, ages ago imo) and getting the 201 update/report completed.
If this had been the case and they had accepted our suggestions, I feel the would have already had the raise done and this would be happening!
So, George, so Satu... lets see some "conditional willingness" to work, with the "secondhand" shareholders, instead of just for yourselves?
The balls in your court... We want the Company to work (FAIRLY) do you ???
Bod achieved nothing and payed them selves a fortune for nothing
Tbe chances of them gaining any funding even at a massively discounted rate in todays climate must be virtually nil.
If any of the compounds were worth anything they would have been smapped up ages ago.
In fact, I would be so bold as to say a reconstruction of the BoD might be a good idea to help get things done!
For instance, George moved to NED for time being, Satu Moved to Ned and Suzy instated as CEO with Gerry remaining CFO and Kevin Co Lawyer then seek out new Chairman and new COO?
Then they all can work to save Co and show us how much they care, meaning the April vote meet, would not necessarily be a hatchet session? More so a re-appointment session? depending of efforts, maybe George and Satu might look at putting in the effort, that they have, so handsomely been paid for?
But one thing is for sure, this Co needs a fresh approach and fresh leadership, it cannot simply be all one persons way, especially when that person isnt even the official Captain of the ship.... and making lots of errors financially and business wise?
Again "Conditional Willingness" to show that they can work as part of a team and not gung ho, as they have been!
All imo
sack the lot. put in administrarors. realise whatever vakue is left without the overhead that has failed to deliver over many years, and failed to be honest with investor imho. sack them all.
Just the top two need to go for me, that alone would double the confidence the market has in val.
Get rid of those leeches George & Mildred then change that curse of a name valirx then sprinkle everything in holy water for starters lol
With a BoD of currently four, there is no deciding vote on any decision, since the Chairman passed away (may he RIP)?
So it imo, it needs another director? Now some say, George and Satu are ok (SL RHD etc) and some say not?
So, in the "interim" whilst we all decide which way to vote? I was suggesting, instead of immediate removal, they agree to reduce their power (demote themselves and reduce drawings) and install fresh blood, ie Suzy, maybe even Victoria, who already have knowledge of Co and its projects...
Of course it would mean trusting the all directors, acting in the best interests of the "Company" but if say some did not agree with say George, there would be safety in numbers...
For example... CEO Suzy, COO Victoria CFO Gerry Chairman ??? Co Lawyer Kevin NED Satu NED George? makes seven, so to counter this, (sorry, but funds are short) remove both Tarquin and Kumar, as PR is non existent and sales well we are a while of anyway?
And focus on the science, using outside agencies as and when (and ONLY when) needed!
Markets and shareholders, would see George and Satu either working to impress or simply giving up? The choice would be theirs? But, it is better than the alternative imo?
Not saying its right not saying Ive changed my mind... Just thinking out loud!
But, with seven directors, chances are only SENSIBLE decisions would get past any vote? And with Suzy and Victoria having their say enhanced... more chance of success imo ?
Valju
think your probably right! but problem is no fooker on the BoD listens to use, there just init for big paypacket as long as they can con us into agreeing with them on consolidation! If they have several interested parties shet shouldn't need consolidation.
Agree something needs to change at board level , but Suzy would just be their lap dog imo !
Disagree... CEO rules Ned's follow, they have had their chance and now need to prove to us again, they are worthy of their original positions?
Absolutely no point in dropping a new novice, into this quagmire, other than maybe a strong chairman, with morals and clout!
Suzy imo is ideal for it and so would Victoria be, would perhaps enthuse Satu to focus more? imo
Good morning Valju....and thanks for sharing your thoughts....clearly a comprise will be necessary. Any proposal must clearly come from Valirx as its long overdue.
Yes....you may have the skeleton of a new efficient more open Valirx team... wouldn't it be nice if the Valirx BOD take the initiative, consider and place some flesh on it...preferably muscle rich and lean of fat.
Thanks Freddie, with any money they may raise, and new persons having a say, MORE of it will be going into "finishing what they started" and less into BoD pockets! imo
Are they still drawing their greedy salaries? Soon be signing up for Universal Credit I hope.
I know Tarquin isn't a director, but given the choice I would get rid of him too. Replace him with someone who could manage email corrispondence. It's not hard to send generic holding emails or remind people that sensitive information cannot be disclosed. Simply ignoring emails is not a way to manage shareholder expectations.
Agreed Valju.....and may I suggest we should insist on having a suitably qualified significant shareholder presence, invited onto the board to keep an eye open for us all...as enough's enough!
I see HL still not allowing buys, only sells and the writing in the pink warning box states that it has not had the KEY INVESTOR INFORMATION DOCUMENT to be able to do so?
Why is this George? As you are the Chief Operating Officer? Perhaps earn you money for once and process it! I mean you are good at emails... arent you? imo
Good call !! Further delays are unecessary. Meeting can be held by video conference and audio conference and a polled vote which has already taken place. Indeed regulations surrounding this have been relaxed to accomodate !!
Arguably if the purpose of the meeting is to release the results of the vote on consolidation you could make a half hour video, post it on the company website, release an RNS adving of 5 working days (say) to submit questions and then publish another RNS to formalise the position
and then another RNS shortly after stating that all proposals were rejected by share holders as they had simply had enough of being shafted by the current BoD
Tarquin is quite a quirky chap in conversation. Seemed pleasant enough
Agree and nothing against him personally, (just doing as paymaster dictates) but, savings are needed and he & Kumar costs could be saved/re-distributed as would huge chunks if not all of the GM & SV wages & bonuses, expenses.... A further period of FREE employment would go some way to the ten years plus of excess!
But suggesting & getting, are two very different situations!
Although very necessary to get the 201 update/report done and overdue bills paid!
Some much to do and yet still so little offered from them!
Yet the want are support.... earn it, show us why we should! Stop threatening us!
imo
My issue with Tarquin is not that I have any personal enmity towards him, only that based on average salaries what he delivers is below par. You might want to excuse him by saying its all GM, but if that were true then I would expect a professional to have an issue with the boss interferring and resign. Tarquin however continues to take the money and demonstrates his complicity with the status quo.
Have you met and spoken with him? or indeed George or Satu or Kumar, or any of the others... I have?
I have been lucky to get email from him (perfectly polite and professional - I think Freddie would have forwarded it too you) but all my other emails are ignored. Like I said this is not about enmity only that if I were earning that sort of salary I would have some stock emails to fire out if I needed to give a responce, but couldn't risk disclosing sensitive information. I would mostly likely give an indication that when the company says an update is immenient, that immenient means within 3, 6, 9 or 12 months so that shareholder expectations are managed. Likewise I would probably put periodic updates on the company website, say a mini blog once a month or once a quarter , just to say that talks were on going, that talks were concentrating on a smaller number of potential trading partners or that the company had approached new investment partners or other quick updates on trails and compounds that would make it look like work is actively being done but wouldn't require a RNS, rather than the silence that seems to be the norm. That's my idea of what 100k l average salary would look like.