Ann: Director Resignation, page-34

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ghostnz

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01/07/20

11:01

Post #: 45561319
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Originally posted by mallcop: ↑

Pecc, I have also emailed Tony highlighting a number of problems surrounding the transparency of the company and asked several questions myself. None have been answered, so you are not alone. I suspect that the next set of results + 3 year business plan will answer the many questions that we all have. Importantly, from all the emails sent, Tony knows that shareholders are furious with how the business has been managed previously and the large concerns regarding related party transactions and Careline.

When I say hand in the Cookie Jar, I do not infer anything illegal, simply some very very concerning business practices. I have done a pretty deep dive on researching FOD so my comment isn't a throw-away statement.

As per my previous post I get the sense that the new management and Matt Bailey is making a very concentrated effort to put some distance between FOD, the Chairman and Careline.

The proof will be the margin received for the sanitizer sales to Careline. We know that sanitizer is a high margin business, so if in fact the business is unprofitable or is operating on razor-thin margins then we know that Norman has had an unethical amount of influence in negotiating the contracts. Especially as when Norman came on board originally with Careline shareholders were guaranteed that all FOD Careline contracts would be negotiated at market rates.

I can almost guarantee that if the Chairman has not been fair in his dealings, the new CEO will cut out Careline going forward. Outside of the Chairman's influence and shareholding, there is nothing binding FOD to Careline. To add to that, given Tony is hiring new executives such as the new Commercial Director Nick Stoikos it tells me that FOD is in fact wanting to build a business that is not solely reliant on Careline. I believe the team have seen the opportunity presented and believe that they can do just as good a job as Careline

Regarding the timing of results, FOD has historically reported at the end of August using the full two months allowed to publish its accounts. Given that the firm does not produce a quarterly, we may have to wait a little while longer

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Would it be possible that fat Norman inflenced the board to hire the new ceo? In that case why would the new ceo turn around and bite norman?

FOD Price at posting: 5.2¢ Sentiment: None Disclosure: Not Held
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