Do we need Provexis after 12 years?15 Sep 2020 11:53
When the much discussed but secret agreement was signed between DSM & PXS ten years ago, it was hailed as a success. The general view, at the time, was that it was not DSM policy to acquire fledgling companies until they had become established and successful. As far as I can tell, Provexis has now become a shell company maintaining the IP and the in-house product. These tasks do not seem to be particularly onerous and could easily be managed by DSM. The current BOD of PXS comprise a non-res FD, a Scientist with unknown business credentials, a rep from DSM and Dawson Buck.
Whatever view you take of the management of the company, progress has been very disappointing by any measure but particularly for shareholders. Communication has been very poor, particularly during covid and it is impossible to get any response from the FD who seems to have lost sight of who he works for.
There was an attempt a few years ago to hold the BOD to account but shareholder apathy ended that plan. Over at Valirx, a group of major shareholders ousted the old management and that company now has a new lease of life with a clear direction and excellent communication.
I hope DSM will eventually make an offer on a TO of PXS, perhaps retaining the scientist as a consultant but ridding us of the others who would become surplus.
There are two major shareholders. I hope they will not be as complacent as the rest of us.