A Tale of the Black Knight.....26 Mar 2023 23:19
So, finally, they have succumbed to what only can be described as a non-existent strategy, poor leadership at the highest level in the company and mounting debts that are simply eye-watering. It's not a big surprise really, and it appears it comes down to the incompetence of the board. It's comical that this company is much like the Black Knight of Monty Python, but really the only sympathy should be shown to the poor shop floor workers and us poor shareholders. The Chairman always said he would only 'look forward', when in fact he should have taken heed of the past. The CEO has steered the ship to oblivion it would seem and so the fault must lie at the top - at least he also loses a significant amount of cash. The Ethiopian project has been a complete failure from the very start it would seem, yet why did they persist with it??? Ultimately it must have cost them and presumably have lost historical sales accounts in recent times. The two latest large shareholders should have completed better due diligence, so no sympathy should be shown to them - frankly I cannot understand how they were enticed into acquiring such large stakes in a failing business. I cannot see how any bank of any worth will re-finance the company. The pitiful injection of interest-free loans from the directors shows they are not serious about the future either, and the £50K from Yapp reveals that he must be extremely embarrassed that the ship has sank under his watch, which doesn't say much for his business acumen. Watch the suppliers now go scrambling after monies owed to them.........