" I think their board will become larger when business is...

" I think their board will become larger when business is growing (I agree with others that this will become important when ppl is 300-500M business)."


But if the management team (I.e Martin) are circling notions of an acquisition in the just-past AGM then it implies that the business is considering this strategy right-now.

The argument being made in favour of additional NED's is that such expertise is needed to guide the current board into making correct, sensible, stress-tested decisions which are particularly relevant when an acquisition is brought into question.

What expertise does the current board have in regards to M&A?

Martin has no track record that I can see of being involved in such and the current chairman oversaw the complete failure of acquisitions made back in 2017, which saw PPL on the brink of liquidation.

So to add some additional board members will cost pennies in the dollar if it results in consummate advice that contributes to the creation of wealth for shareholders, be-it by acquisition or not.