@rocketdogKeeping the board honest given the structure of the top 5-10 shareholders is always going to be difficult. The board believe they are well structured. I'm not so sure. I'd prefer to see some fresh faces representing the shareholders that are truly independent. By independent I mean that they don't get gifted $100's of thousands of dollars worth of performance rights as one example. If this was implemented then I believe we would not witness the regular corrections to releases we see during any given year. We might also see the Executives guided towards better communication with Australian shareholders.
The problem with the AGM was that we witnessed more fluff words or comments like "we're really close" with regards to a licence deal. What does that mean in Hehir speak? Is it 6 weeks, 12 weeks, 24 weeks? What is it?
As for the founders retiring, I don't see this a such a big issue. In fact, I see it as simply a changing of the guards. Both founders are approaching septuagenarian status and I feel that the way they have exited has been handled well. Peter remains as a non executive and Anil is six months away from retiring completely. Given the skin in the game they have I have a feeling that they must have a degree of comfort with the trajectory the company is currently on under Hehir's leadership.
Before all the happy clappers come out and say that I can't have it both ways I will clarify the above statement with this: My discontent with they way the company is run is a separate issue the the separate issue of the way the IR is handled. I stand by my regular comment that I believe the IR is some of the worst I have seen in 30 years of being around the market. I don't care for the companys own internal policy that they don't release anything via ASX release unless it has immediate revenue as a component. I don't see they do a good job of engaging with international professional investors like Family Offices or Institutions.
On the other hand I am not well enough informed to know how the other components of the business are run including sales, engineering, corporate etc. But given the lacklustre share price performance it is safe to say that Institutions are not seeing a steady ship or they would be increasing their exposure to what might look like a business that is moving in the right direction.
As for a certain poster here, I have said it before and I'll say it again. I believe the poster is a company plant that talks directly to the global head of IR. If that is the case then it is deplorable and should be stopped immediately.
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