Change of heart..1 Nov 2022 09:25
I will be the first to admit that I have criticised Nick in the past.
The hard reason was the way he alienated major shareholders...
The soft reason was 'shock and awe'...the blizzard of RNSs that eventually left the market numb; the CG failures (in conjunction with Twigger); and the constant over promising and under delivering...
However...
While I complemented Darryl for bringing a clearer focus when he was appointed; and an apparent commitment in meeting target dates, he has, on balance, been an unmitigated failure.
There has been a lot of speculation as to why Ingo and Ayten left, but the fact is that he 'lost' his acting CFO (and Corporate Finance Executive specifically charged with funding Alpala); and his newly appointed CFO, coincidentally around the same time as a failed fundraising which has undoubtedly had a deleterious effect on the share price.
He has been awarded a $600k bonus, despite not only delivering nothing that Keith and Nick couldn't have delivered, and also despite a destruction of shareholder value which saw the SP fall from 35.55 to 12.95 (64%) in just over three months (May 13 to Sept 28), having been on a steadily rising trend for the previous month from May 9 which had taken the SP UP 41%.
That destruction amounted to over £500 MILLION equivalent to £22,000 for anyone holding 100,000 shares...shocking!
This was immediately following the calling of an EGM to massively increase Directors and Executive remuneration which resulted in his undeserved bonus after a mere 6 months in post...
So I am confessing to a change of heart in exhorting PIs to support Nick in the forthcoming AGM (if we get that far).
Under DC's leadership, this company has become cannon fodder and its only a matter of time before a takeover battle ensues.
Nick, together with his related holdings (DGR, Tenstar...) also lost over £65 million during the same carnage.
Whilst of course he has his own interests at heart, he is our only hope to get the best possible deal and put an end to the almost ceaseless misery and frustration of the last year or so.
Because he personally has so much at stake I am confident he also has our best interests at heart.
All views welcome...