In making my decision, I have come up with how I view following
- On the 6th of April 2023, Henry Cheng and Maurizio Fabiani become Directors
- Both Henry Cheng and Maurizio Fabiani have over 30 years experience (each) as Senior Management and Board Executive expertise
- They are responsible for raising over $6.5 million over the last 12 months, as well as directly investing personally $5.5 million. (We know they have the experience as well as the money to make this dream a reality)
- After discovering that Ray wanted to put the company into receivership to create a new company (leaving the share holders completely out of pocket), Henry Cheng and Maurizio Fabiani contacted Russel Allan (Foresta’s current largest financial investor) their concerns of fear the company would be liquidated
- In response, Russel Allan issued a 203D and 249D notice to remove Ray as the current MD. This would intern keep the company out of receivership (the best interest for the share holders) and use the experience and connections of both Henry Cheng and Maurizio Fabiani to get this company funded, and off the ground.
With regards to Ray…
- He wants to put the company into receivership. Start up a new company and leave the share holders with nothing… (he has done this before).
- He stated on his personal LinkedIn that he was concerned that he wasn’t being paid enough, and requested a ‘remuneration’ review on his current salary. (For a company not making any money and trying to get off the ground, a remuneration review to increase your salary when the company is being kept afloat by capital raises is completely irresponsible - especially as he was planning on putting the company into receivership)
- He then posted an extremely immature post on his LinkedIn about his resignation (not what you’d expect from a CEO)
- He clearly has only responded with his own 249D out of anger and selfishness (not what’s best for the company or the share holders)
- He has requested to have Erich van Zyl (a charted accountant since 2017 who was promoted by Ray to CFO) and Steve Pittman (the chief development officer who has a engineering background who has been with he company less than 1 year) to be directors. Who, in my opinion, don’t have the experience nor the connections to be in charge to start up a multi-billion dollar company
Also, why would Ray resign before the vote? Why would the current MD voluntary leave before potentially having the board he is currently trying to instate? Sounds very dodgy to me…..
I will be voting Against the removal of Henry Cheng and Maurizio Fabiani as well as Against the election of the other 2 no names to be directors
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