At long last major shareholders have had the sense to dismiss the bumbling ninnies who for so long ran Virax. Of course, it comes far too late for there to be any chance of turning the company around.
The clowns who ran this company for so long appeared to have the following strategy:
- Never have any good news unless completely unavoidable
- When good news appears to be inevitable, deliberately don't raise sufficient capital to allow the positive developments to occur
- Under no circumstances should previously undertaken ventures and initiatives be pursued (that would infringe the rule against having good news)
- Never raise anywhere remotely near enough capital for the tasks at hand, irrespective of how high the share price may be, how strong the market is, or the company's funding requirements
- Gamble the company's fortunes on a single, highly uncertain event over which management has no control
- Raise salaries year after year, irrespective of shareholder value (and when shareholders complain, point out there is no correlation between short term share price and long term shareholder value, even when the company has suspended two of its three products and has no capital to advance the third)
- Appoint close friends to key management and board positions
- Dole out generous additional remuneration to said friends
- Use the Chairman's Annual Address to state how the Chairman would like things to be as opposed to how they actually are
And when long suffering shareholders finally revolt, stubbornly resist management change.
What a ghastly cast of characters.
Add to My Watchlist
What is My Watchlist?
