RE: Freddie IMO.6 Mar 2020 20:13
Bankfool, you talk a lot of sense. I have posted this to Freddie before, but I can imagine he has had hundreds of words of advice ringing round his head the last few weeks.
You are correct the Insolvency Act of I believe 1976 covers the duty of care that Dierectors hold towards the company, creditors and shareholders alike. The trouble is ATM the company is still trading, the best part of the Act is the Directors have a duty of care to creditors not to trade insolvently and in breach of that Duty of Care they can be held personally liable. Again trouble is until such time an Admimistrator, Receiver or Accountants are called to liquidate the company nobody knows if that is the case. But when it happens complaints about the Directors ability to be fit to hold other Directorships can be called into question, that is a costly exercise. I have taken a few cases through the courts.
For now it is the Ombudsman who can investigate the company by their Admission to Aim documentation and IMHO releasing RNSs in the manner they have is tantamount to fraud. Again IMHO they distorted the truth to allow further raisings and I asked many times how much was actually spent on R & D that the money was needed for compared to Directors remuneration. I really would not consider 200 of you putting £1k into any fund, for any compound as you simply do not know how far the compound is from passing any Clinical phase, but it will cost plenty more to take any compound anywhere near a Phase 3 trial. I am sure if there was any potential in any compound an offer of £500k would be accepted and lets face it even at that price there are no bidders.
I appreciate how much the guys are doing, but Freddie after reading what you said about Satu I feel you are losing Direction a bit. Directors are held singularly and jointly liable regardless of whose fault and if it was George that pulled the trigger, Satu would be an accessory to any breach of duty.
Totally supportive of all actions you have considered but the path to achieving anything constructive gets thinner and thinner, and even if there was money the Liquidators or whoever were called in would use that for their fees, nobody elses.
FWIW I felt years ago when they issued trial results they hadn"t proved anything and have just lived off the company for many years knowing commercialisation would never happen. Proving all this just won"t happen, Company Law is a nightmare and who would take over running a company, with no funding and millions needed to get final Approvals??? Which is the situation now.
Sorry if this is not what you want to hear, but it is constructive of it stops you losing your minds, the focus you have put into this for so long can only be detrimental to other goals in your life. Unfortunately you have been stitched up by a BOD guilty of all you have thrown at them, but focus on what it is you want to achieve, this is not a win/win situation, far from it.
Take care you guys, chill over the w
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