@scherobi I believe it has always been the Boards goal to be ranged in Petrol and Convenience. My impression is that the two prior CEO's failed to deliver on this goal and one of the reasons why both were fired. We are all aware of the previous mismanagement of the company so I think we need to place blame where blame is due.
In the recent Marketeye presentation Tony addressed the dire state of the relationships FOD had with the supermarkets and the remarkable turnaround that Nick Stoikis has performed. My concern is that the damage was so bad prior to Tony joining that it might take a little longer than 12 months for FOD to be re trusted.
In regards to the board structure, I 100% agree that we are overdue a restructuring. Given the recent dilution of the Chairman via the capital raise and the private placement as well as the embarrassing sales volume of Eridani, he needs to both relinquish his seat as Chairman and Rocky Zou his appointment needs to be removed. A new independent domestic retail experienced Chairman needs to be appointed before any serious institutional investor will buy stock on market
Reading the tea leaves I sense that Norman Li is a very stubborn and difficult man who creates more problems than solutions.
FOD Price at posting:
2.8¢ Sentiment: Buy Disclosure: Held
(20min delay)