The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Eric,
Her brief was simple, tight and specific and she did not deliver. All conjecture beyond that is pointless. Any wages and options afforded to her were wasted, as was a lot more cash on Vardar, late payment fines, continuing to pay Budge etc etc.
The new CEO needs to account to investors for all this waste and directors abject performances.
Ulla was clearly not fully engaged with the process of preparing the EIA application.
Working on it for over a year should have put the company in the position of having documentation ready for submission, and not to put it in the bottom drawer!!?!
And what is this utter rubbish about her creativity being stifled?
She had one task, and it was all about facts and figures, accuracy and compliance. Creativity is not required.
Having seen and heard her, in my opinion, she is unhinged.
There is no doubt that the millions pumped into Vardar is at best, questionable, and quite possibly, fraudulent.
I have a simple question:
The most recent fundraising and a further, and specific allocation of £250k to Vardar for a spring drilling campaign, which has not happened. BEM shareholders and the new CEO should be all over this. Yet I see no evidence of any demands for accountability.
Why?...
Eric,
Of course you want this to come good, understandably. What investor wouldn’t.
But sitting on your hands and hoping has got you nowahere. Same as Bugde’s wait and see strategy got BEM nowhere.
The difference is that Budge was prospering from doing nothing - at your expense.
Write off your losses and move on. I dread to think how much emotional energy you’ve wasted on all this.
Best of luck and best of health anyway, Eric.
Eric et al,
I really believe this has gone well beyond it being worthwhile going through every past RNS to find clues as to what might be going on. Or dreaming up wild scenarios as to what might be happening in the attic above the library.
It is pretty obvious to me that Budge has fecked this up big time and left a ragbag of 3 unworkable situations, which he had no idea how to progress and neither do this new lot.
In my opinion, they will milk this for their own benefit until the money runs out and then have a fire sale, walk away and never look back.
Whoaaa! Hang on a minute.
So, a Vardar director owns the company acting as co. Secretary to Vardar. Any chance of a conflict of interests there?.
So much cash has been paid to them by Budge, an old uni pal of the Vardar directors.
I’m smelling a dirty big rat here. Marking their own homework or what?
Can anyone tell me what is the point of the existence of BEM, other than to line the pockets of the so called directors?
For the life of me, from the point of view of an existing or potential investor, I can see absolutely nothing compelling to justify continuing with this charade.
The arrival of a new CEO demands to be communicated properly. And that means an RNS.
As far as cost is concerned, it is peanuts compared to the dead money the previous CEO squandred:
- £3.5m on Kosovo
- £80k fine for forgetting to pay back the bridging loan in 02/23
- £3k legal fees for what?
- And he's still drawing a salary ffs
Suzy2,
Don't belittle or patronise. Makes no sense.
There has never been an era in which the woes we are suffering are so self inflicted. We've had it too easy for too long, which has spawned a crop of spineless, lazy incompetents.
He's exactly the same as our unelected PM. It's all about soundbites, what sounds good. Zero su stance.
Sunak's 5 point plan. Pure fantasy.
Stop the boats
Hasn't stopped a single one.
I am living through the most shameful and incompetent era of a vacuum in political and commercial leadership.
Zero backbone.
Zero integrity.
100% greed.