Member Info for ForFXSake

Seriously Whimax, what is it you don't get about the concept of public discussion boards?

Why don't you just use the filter? Can you not stand the idea of other people hearing and saying things to each other that you don't like or want to hear?

If you're really that worried about people being influenced by opinion and speculation then why don't we ever here you crusading against some of the baseless Twitter ramps instead?

Any idea who forced him out and why?

Just to add, I didn't want to see him go either...but he did.

As a shareholder, Scary, do the circumstances of his departure not bother you at all?

If he didn't like the pressure or left because he was sick to death of any politics that were playing out then what makes you think he would want to come back into the fray? Why would things be any better if he did? If, on the other hand he was forced out then why did he leave in silence and not fight it tooth and nail? There is, of course, the possibility that left because it was a conditional term for an eventual deal but if that was true then would his return not jeopardise that deal?

I would like to know what you think

Thanks Mafuta/Mars

My thoughts at the time were that he'd perhaps had enough and just resigned. I think now that the payment does indicate that he was encouraged to leave. I'm just stumped as to why.

The 6 months notice and garden leave makes sense but I can't remember how long it was before he joined Qureight. I didn't think you were normally allowed to work while on garden leave.

Whatever it was, I'm no longer sure that it was part of any conditional deal because Blackwell didn't get anything for an early exit in February

Did anyone have a look at the figures in the report. The remuneration section was interesting and a bit confusing.

DG & JH used to be paid a similar salary (approx 9-10k per month or 120k & 110k pa respectively in the FY 2020). Dan's departure was announced on June 22nd 2020 and it stated he would be working until the end of June, so he would have served 3 complete months in the FY 2021 (April, May & June).

In the report he received 90k for the year (just 6k short of JH who served the full year). 20k of this is marked as a 'loss of office' payment so 70k appears to be salary.

Do we have any payroll experts who know how these things work. To the layman it looks like Dan received 70k in salary for 3 months service and also received 20k in severance payments. Does that mean his salary was double at the start of the year, were the payments extended beyond the term of his employment as part of some agreement, or was he kept on for longer?

The loss of service payment suggests that it was not Dan's choice to leave. I've tried to google what these things are typically used for and it could anything from avoiding legal wrangles to stepping down as part of M&A activity, so not clear. The fact that he hasn't offloaded any shares does suggest that he was happy to entrust the future of his entire holding to the board he left behind.

Any thoughts?

Aw, bless!

If it does transpire that there are partners waiting in the wings then it might explain a few things.

The first is the timing of Anne's resignation. If it's likely that the company will be sold off within her notice period then she wouldn't actually be leaving anyone in the lurch. They won't need a replacement and it's job done...so why miss out on an opportunity. It makes much more sense than just throwing caution to the wind for your own personal gain. Still ,it is risky and could have screwed things up, especially with Oxilio. However, NXP002/NXP004 are the big pay days those partner(s) might not care what she does either way.

It might also explain some of the departures over the past 18 months. If the original Times leak partner is still interested then maybe they made it conditional that the old board not be around should a deal go through. I always found DG's and CB's departures to be odd (same with Jo Holland). DG retained his holding but I always thought his goal was to sell things off within 2-3 years. He will achieve that goal if a deal is struck on results. Is that why he swiftly handed over the reigns but didn't cash in and plough it into something new?

I'm just looking to make sense of things. I could be wrong but hey-ho, as they say. Anyway, I'm missing Whimax this morning so thought I'd give him something to have a go at.

"Will be looking for a CEO once data package is in, although will be putting feelers out."

His words were "the board will be reviewing the best way forward for the company and the best time to search for a CEO will be once they have those results under their belt"

One has to wonder from that if they will be needing a CEO at all. I think we appreciate bad data could be gameover. However, if you don't need someone in place to lead negotiations by the time you receive good results then is that because the deal is already done on an conditional basis?

All the departures definitely makes it tougher to attract the kind of talent we need.

Alastair has got his hands full now. I hope he has the metal to see us through this. I wish him and the remaining board/employee the best of luck.

Yes Soup. The Chairman's letter did pick me up a bit. Not sure how the major shareholders feel about it all.

Anne's departure announcement has created alot of uncertainty. It's up to her now to make things good enough for someone else to pick before she leaves.

Sorry Filter, the last paragraph was for you.

Having trouble with copy and paste on android. The first bit was a response to someone else on another board which got copied in by accident...doh!

"I believe that any kind of success for Nuformix still hinges on Anne Brindley being being able to deliver something before she leaves.

Each time we lose an exec I think it becomes even more challenging for the company to find a good successor. No one in their right mind wants to step into a role that looks impossible to carry out. If a string of execs have already come and gone without achieving anything then it starts to look like an impossible job, whatever the reality.

I think Anne's decision to at leave at this time tmhas increased the risk to the company and left others in a difficult position. I could understand if she'd simply had enough and couldn't do it anymore but that does not appear to be the case. The statement says an opportunity arose with an offer that she couldn't refuse...despite the potential consequences for Nuformix. It read to me as though the rest of the board were not expecting her resignation.

Unless there is an expectation within the company that NFX will be bought out, we will probably need a new CEO to replace her. If she can deliver the Oxilio deal and maybe see in some positive data on NXP002 then it might give a new CEO something to work with."

Filter, I think it was probably directed at CPI, Dan Gooding and Jo Holland. They are the major shareholders and have been loyal throughout this period of inexplicable chaos.

I don't think you'll find me accusing anyone of anything, just asking questions about whether things are really as they seem and discussing possible scenarios with fellow posters.

As usual, its you doing the accusing.

As for the horses head reference why don't you take a night of from being so uptight, sit down, have a bowl of popcorn and watch a movie every now and again to chill out...try The Godfather, for starters, you might get the joke then.

Senari has been listed as one of her pet projects with various pharmas on LinkedIn for a while now. It could be that they've grown to the point where things are taking off.

If it is then it just goes to show dangerous and unpredictable it is to hire folks who are spinning plates in multiple companies at the same time.

Let's put this way, if we see her presenting Homes Under The Hammer in 6 months time then maybe I'll believe it was a once in a lifetime opportunity to do something she always wanted to do.

If, however, she winds up running a new company alongside Messrs Blackwell & Keegan that just happens to specialise in inhaled treatments for IPF then I'll probably think there was a little more to it than a chance phone call.

I know that Mars, and hopefully that is true.

All I'm trying to demonstrate is that it is quite possible that people say one thing (which they may have good reason to do) while something completely different is going on in the background.

Not much we can do about it other than be aware of it.

I find it hard to swallow that she had no inkling of what was brewing nor the difficulties it might cause.

We don't know what kind of offer she was tempted with other than "it was an offer she couldn't refuse". I suppose finding a horse's head at the bottom of your bed can be pretty persuasive but, then again, she may have been quietly searching for a way out for other reasons and this was the first and best opportunity.

Holland and Keegan's joint departure was just a few weeks ago. Maybe that upset the apple cart in some way and caused her to rethink her own situation. My worry is that others might now be thinking the same.

We need some stability now and solid evidence that things are still moving forward. Oxilio would be a good place to start.

"but as it is she has embarrassed him by resigning within days of his statement saying there is a good team in place."

She also embarrassed herself really. Only 6 days before she was telling the world how well the revised board were bedding in.

"I’m not sure why Anne would consult with any of her colleagues about a job offer which is outside of NFX to be honest?"

Just common courtesy and respect for the people you might be leaving behind to clean up after you, I suppose.