RE: RNS8 Apr 2025 17:37
All valid points, HarChris — apart from your nonsense opening line. My response was aimed at Fairdealer’s bold claim that “Shishir had deliberately manipulated funds and assets to enrich himself.”
If that’s true, then absolutely, Shishir should be held accountable and the company should take action. I’d bet a lot of money that never happens, though.
As with most companies where the share price is falling off a cliff, the CEO becomes the obvious target. But personally, I believe Shishir genuinely had shareholders’ interests at heart — he just wasn’t capable of delivering. The MESF deal looked like his lifeline, and for whatever reason it fell through. Add to that the decision to turn down funding at 40p only to raise at 11p later — it’s clear he gambled and lost.
Given the choice between a $2.4m prepayment and the waves of dilution we’re now seeing, I know which one I’d have preferred.
My frustration now lies more with the current board and the requisition group. The online campaign relentlessly de-ramping the stock played a role in the share price decline — which in turn is partly why shares are now being issued at 3.75p. I’m sure it’s just a coincidence, but it’s hard to ignore the timing — the moment the aggressive de-ramping stopped, the share price recovered to over 8p. It raises fair questions about how much damage was self-inflicted by those claiming to act in shareholders’ best interests. If the goal was to “save the company,” tanking sentiment and forcing dilution at rock-bottom levels seems a strange way to do it.
Sign In
Follow the stocks
