Ann: Annual General Meeting Update, page-24

Well you have to give them credit for fronting up and answering a few questions but, for me, I think the collective body language was quite telling.

Like many other entities who want to flog their wares – they set their sights on China. All I’ll say is I hope China don’t impose tariffs on any of CDY’s offerings (like they have on Ozzie wine and barley)!

I am disappointed with how the midkine related assets have turned out. After all their razzamatazz about holding the most patents in the world and subsequent publications / clinical research papers etc touting just how good midkine is and yet the clear message from Maria is it is too risky to develop its potential. I think it just got too hard and they just want to flick it off so they can focus on being an online shampoo retailer. The bit about only being able to raise $1.5m of the required $5m was a weak convenient excuse.

David King’s remarks about picking different managers for the CR’s based on their fees was also very telling. If Stephen Silver’s mob was the cheapest fees – then what does that say about the others? We were screwed big time!

The answers in respect to the Covid tests were, IMO, a cop out. Comments like… “a 1 in 100 year event”… a “panicked market”… and an “unknown area”. I think it was a “panicked” an unresearched decision taken by a Board that was being speculatory – at best!! Like the IKON shambles – this was a very poor business decision.

I would like to see the AGM held closer to the EOFY cut off. Those FY20 financials are 5 months old and of no use at all. A lot can happen in the balance sheet & cash flow statement in 5 months.

The questions on the IKON debacle highlighted, for me anyway, what I had believed all along. That is, that someone on the Board thought they knew a bit about litigation and were horribly found out to be deficient. The lawyers took the Board for a financial ride that cost us millions – to sort out $930k. What a disgrace.

Given the facts, if they were that confident – most reputable lawyers would have offered to work on a “contingency” basis and, if not, any cautious Board of a public company would have insisted on it – given the potential risk!!

For Mr King to keep repeating that member/s of the Board had considerable litigation experience on top of the confident legal advice – hence why they chose to pursue IKON….well, I can understand why he resigned. I would have done the same if I was in his position.

I did feel sorry for Maria at the time, because it was clear from her comments that she wasn’t legally experienced and she was clearly relying on the “knowledgeable” Board member.... oh, and their learned lawyers of course.