With a weakening in share holder confidence, I would have expected the Chief Scientific Officer to endorse the compelling science in the acquisition, but there is deathly silence. I suspect disquiet at board room level. Mad the fund raises was to fund the extortionate salary of Ashman and Robin.
Is the death spiral provider having cold feet to further draw downs , they are showing their hand at a very early stage. Elric this is not in the script.
Ashman failed to reduce Plc costs, namely his exorbitant salary and also of
his CFO., when the company has had no revenue. He has also shown an abject failing how capital markets work and has alienated his shareholders with his deceit and lack of judgment.
The only rational is if the S/P declines further Croda will buy the company to protect their asset. Why, Why , Why. is this happening, Why have the BoD,s and large shareholders allowed this obvious idiocy to occur.
Clio. This deal and the costs for this marginal entity is not what the company needed, its Ashman ineptitude that has hugely undermined the potential of the company. I am still in disbelief of this CEO and also the CFO of their complicit stupidity. Any of you could have run this company without the results Ashman has achieved. Elric has still to respond.
The only shyster here is the death spiral provider. When I first looked at this company I was stunned that Ashman was loading debt onto SBTX for a company that its products and cash generation was so marginal. Sorry Clio and Toyin, Ashman has to GO.
Mad, Catherine O'Neill landed the Croda deal. We have death spiral finance to buy a non-descript company, which barely generates revenue. Hardly transformational.