RE: Cost of ‘dream team’7 Apr 2026 11:53
Just of few comments on recent developments :-
1. I am disappointed that the Board of PYC have not been able to find a compromise solution whereby there is some continuity between the current management structure and future management structure. I would have liked to have seen either Jim or Pete carry on in some capacity. I think this could have carried some support but from what I read this was an option but was rejected by the Board
2. One of the ongoing problems of PYC has been their inability to retain a core large notifiable shareholding and hence the share has been continuously under pressure. Recent fund-raises have never once resulted in a shareholder taking on more than 3% of the company shares. I have always found this odd and I can only assume that forward selling of company shares has sadly been a feature of PYC for some time. The Directors, for reasons they have repeated several times, have felt unable to invest in their company and this has been a definite negative. One of the non-executive Directors, Shalabh Kumar, is identified as an ‘angel investor’ and is likely a wealthy individual but he has not put any money into the company. I therefore welcome the initiative of Mike Whitlow and other large shareholders to invest heavily in PYC and give the share price some backbone, as evidenced by the revised pricing of the recent placing
3. I have always respected Jim Millen and believe he has acted professionally and in the best interests of PYC. I do think we need to be careful with criticisms of him over-indulging in consultancy fees. I asked a question on IMC a few years ago after other companies were formed and he confirmed that the income he received from other work was very small and did not impact on his work for PYC. I will try and find the clip. I would expect that the Companies Acts would require appropriate disclosure where consultancy fees were paid through a company rather than through the payroll and nothing has been disclosed to my knowledge. The various consultants who were on the payroll of PYC will by the nature of their work receive money from numerous sources and it would make sense to feed these into an umbrella company. This having been said, if anyone has any more substantive evidence of underhand behaviour by Jim or others then this is a serious matter and I would be happy to review my comments
4. I think it is a formality that the old Board will be ousted at the forthcoming meeting unless the Board of PYC are able to reconsider the situation and make some sacrifices in the interests of long term supporters of the company
Sign In
Follow the stocks
