RE: Better places for your Investments5 Feb 2021 15:55
John: Taxes & fees I'm sure has been covered, perhaps by our resident expert ASH but I think also by Biggles on ADVFN. Biggles is still of the view that the Special Dividend will be circa 1p per share, but even 0.75p would be a considerable pay out, especially given the yield percentage on the current share price. When you compare the cash we are going to receive versus the current Market Cap and then work out very simply the value placed on all our other assets, it does make one smile.
But I have been suggesting on ADVFN that we need to appoint a new director. I think having just two Executive directors is too few and raises all sorts of potential issues:
1. Perhaps one of the reasons current communication is so poor.
2. No consideration given to Succession planning.
3. Logistic problems if one is ill or incapacitated in someway.
4. A red flag perhaps for Institutional & some retail Investors. Perhaps one of the reasons Panmure Gordon have failed to attract Institutional Investors.
5. Control too tightly focused.
6. Finance Director a part time Non Executive Director with other director responsibilities.
7. Chairman having to carry out wider duties including Company Secretary.
8. No separate Internal Audit committee.
This is what it said in the 2018 and 2019 Annual Report and Accounts under the Corporate Governance section.
"It is recognised that an additional independent non-executive director will benefit the Company and it will appoint such an independent director at the appropriate time so as to comply with the Code". But no action has been followed through.
I would prefer the appointment to be a fully fledged experienced Corporate Director, not a Non Executive , and the role to have specific responsibilities. Perhaps a Business Development director with responsibilities for communication.Although I was originally an advocate of them appointing a P.R. Co. like Yellow Jersey, I haven't seen any tangible benefits and would prefer these funds were spent on a suitable new director post, if we can't justify the cost of both.
As we increase in size with our Market Cap. heading towards £100m I can't believe it remains appropriate to have just two Executive directors.
Just my views. I would welcome the thoughts of others.
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