Board of directors25 Jun 2020 19:56
So, 6 weeks ago, after perusing the May results, I decided to continue to hold WEY because I believed that COVID 19 has presented the company with a once in a generation opportunity to make hay, despite severe concerns about the board's overall performance.
I have spent a fair bit of the last 6 six weeks attempting to work out how this company works and how the board of directors might attempt to build share holder value.
My findings are as follows.
I have learnt more from posters on the ADVFN BB (particularly Netcurtains) than I have from a combination of our Board's efforts, any RNS's and the website combined.
The Board have done nothing, zero, feck all, to keep the shareholders up to date with the board', or the company's performance.
Despite Covid 19 being with us for more than 3 months now, presenting an incredible home learning opportunity, the boards only update has been to state that "there has been an increase in enquiries", that's it, no figures, no "trading ahead of expectations" Nothing.
Although Covid has presented this opportunity, the internet has been with us for more than 20 years during which many industries have embraced a new way of doing business. Home and online education has been ripe to change from it's traditional ways for all of those 20 years.
So why has it taken WEY 14 years to produce a very modest half year profit? They have gone from being a national, international, global, back to national.....rudderless.
The board would appear to be, and they give no information to change my perception, a group of administrators and educators who don't have any business acumen between them.
As previously noted, without using WEY specific wording, online searches for online education/exams/learning do NOT produce any results leading to WEY.
Looks like they don't want the work, or don't know how to advertise, or basically are too wrapped up in their own self serving little world that they don't care one way or the other.
I wrote an email to the board with my concerns on May 11th, I am still awaiting a reply.
You have to ask why, or how, there has been a 30% run on the share price in the last couple of weeks as again, no information has been forthcoming, and then, out of the blue, 3 of the board sell the shares they have been given anyway to trash shareholder value. The reasons given are BS, they somehow spiked the SP, and sold into it.
So, despite having every tailwind available, any progress made here is despite of the board, not because of it.
I can only assume, because they give me no information to assume otherwise, they are a self serving group of greedy lovelies who don't really want to be working too hard.
Welcome to the AIM casino.
I'm out, and won't be back.
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