Member Info for ForFXSake

Chab,

If you remember back to the old 'No kneejerk reaction' proactive video, AR said that no CEO worth their salt would consider joining before the data results were known. Well if that was true, anyone worth their salt (CEO or BD director) will probably not even consider the role until they know that the surprise requirement for funding is satisfied. So it will probably be February now before that process can start in earnest.

Makes you wonder what they have been doing since Brindley resigned.

Unbelievable!!

I'm not sure I trust anything these people say anymore.

There was a measly GBP 14K worth of trades in total.

It hardly matters if they were buys or sells.

The rules for insider knowledge won't apply for test results where you don't know how it's going to turn out. However, not sure about business development or key recruitment news which are likely to be known beforehand and which may be price sensitive.

Still doesn't feel like the market is expecting much right now.

It's always nice to see a director invest their own money, so I am grateful for that.

That said, the timing is disappointing as it obviously means that there is no price sensitive news due in the next few weeks or so. What does that mean for us? Does it mean they are nowhere near recruiting a Business Development Director yet? Does that mean that discussions with parties regarding NXP002 & NXP004 cannot really start? If they have already been initiated then why do we need a BDD, surely the idea is to have someone who knows what they are doing controlling the process from the outset?

We are already at Jan 12th. In 10 days time they will be holding a general meeting where shareholders will be asked to vote on issuing the second tranche of shares to Lanstead. We have seen absolutely no value added yet from the first, so are they going to expect us to sanction more dilution without any value being added at all.

There has been plenty of time since the release of the unexpected placing RNS for someone to pull their finger out and start attracting new investors. When will we start to see anything like a meaningful turnaround to our massacred investments here?

No imminent news on the horizon then

JG is also chairman of the Nomination Committee:

From the web:

" nomination committee is a group that is part of the corporate governance of an organization or firm. The nominating committee's job includes considering a firm's potential board of directors and other key management roles."

Is it therefore JG's idea to recruit a new BDD?

The recent board structure appeared to have clearly defined roles. AB was responsible for coordinating data package creation. Maddy is financial, AR is Chairman and Julian Gilbert appeared to be the guy with business development experience. The 'Team' page on the website seems to confirm this:

"Julian has worked in business development since 1992 and has led multiple business development projects."

So if that was his role then how will this be impacted by taking on a new Business Development director? Will they be focussed on different avenues or is there another reason behind this recruitment drive?

Can't argue with that.

So they let her go a month early...without delivering the entire data package.

This is the link to the 'no kneejerk' video from 23rd July:

https://youtu.be/a2aDy1tYRLs

Perhaps he didn't specifically mention January but he definitely said she had a 6 month contract to serve. I make that 21st January from the new release (so perhaps a week before).

AB may be on garden leave, sitting out whatever holiday entitlement she had, but she shouldn't have left yet.

He also said AB would not be leaving until well into January when all the data was in.

In addition to that, he said we were fully funded too.

I'm afraid I don't find anything really encouraging in any of that Soup.

I'm not bothered about the website being up-to-the-minute but the failure to have a replacement CEO (or even a BD director) ready to go, coupled with the not-quite-finished data release and the sudden placing, raises concerns that the 'new management style' was just another BS facade. Things seem in danger of slipping back to the bad old days again.

The events of the latter part of the last month have completely undermined the hopes I had gained for a trend reversal on the 'data release'.

We were told in response to AB's resignation that there was "a steady hand on the tiller". Well, I'm feeling quite sea sick at the moment.

I'm not sure if she has formally left yet Filter. I think AR said she finished working before Xmas but had holiday time to run down.

Not sure if the rest are back 'in the office' yet either but it is important that progress is seen to continue now. I'm disappointed that we don't have a replacement CEO. The only time that might be good news is if they expected the company to be bought outright in the very near future. However, that looks unlikely as AR has said they need to hire a new Business Development Director. I'm assuming for now that it will be an executive role rather than non-exec or contracted out (although I could be wrong).

Also disappointed by the 'early 2022' slipped deadline for the durability tests. AR did stipulate it was still on target for January but it could mean anytime up until June. Why not say January if it is to be January?

The problem with setting loose deadlines is that nobody ever rushes to beat them.

"The main factor holding down the share price is a lack of a firm deal, which is unlikely until final trials are completed."

We've been lacking deals for some time now (without good data) and the price has been much higher.

I would say that the failure to replace the CEO is a very significant reason for us being where we are today. There is too much risk in having AR as both CEO and Chairman.

Happy New Year to you too OBW.

That's me done for this year.

All the very best to everyone.

Plans change...it seems

Merry Xmas, by the way.

I hope you all had a good one.

I don't really see the point in dreaming about what the price could be while the board treats shareholders with such contempt as to stab us in the back with a sudden and unexpected placing just before the festive period.

The placing in March was supposed to cover progression to phase 1 readiness. Now more money is needed and the goalposts are shifting again.

We have heard nothing about a replacement CEO to offset the damage done to the sp. AR is now acting Chairman AND CEO.

If (God forbid) something happened to Riddell now then where would that leave us? We'd be without both a CEO and a Chairman. What would happen in that event? Would the company's shares even be able to continue being traded on the exchange?

Even Allenby acknowledged the huge risk of this in their recent note. They have had 6 months to do something about Brindley's departure. Why are we still in this punishing position of uncertainty of everything looks rosy?

Humbug!

What a wonderful stocking filler for their shareholders!