Ann: Application for quotation of securities - HLX, page-9

It has become increasingly evident that the current leadership at Helix is more interested in enriching themselves than in driving the company forward. The directionless management, under the leadership of a highly questionable MD, is deeply concerning. Although the MD was appointed based on claims of technical expertise, her understanding of the key mineral systems in Helix's primary tenement holdings appears to be superficial at best. My personal interaction with her at an investor conference only reinforced my concerns regarding her limited knowledge in this critical area.
This board has squandered a significant portion of the company’s dwindling resources, primarily through an unproductive and costly battle against a takeover. Ironically, after all the posturing, they ultimately agreed to the very deal they were resisting, further exposing their lack of strategic direction and leadership.
To add insult to injury, the recent attempt to pivot to Western Australia has been nothing short of laughable, with no clear outcomes and a failure to close any deals. This raises serious questions about how much financial mismanagement has occurred behind closed doors. In light of these concerns, I strongly urge the remaining major shareholders to demand an independent audit to uncover the full extent of the financial practices at play.
The old board's influence must be removed as soon as possible. Mike faces a difficult challenge in convincing investors to continue funding a company that has shown little progress and even less accountability.
At this point, it is critical for shareholders to push for a leadership change, as the company’s current trajectory is unsustainable. We need individuals who are not only technically competent but also genuinely committed to the company’s success—people who put the company’s interests before their own personal gain.
Unlike others, Povey has made a personal investment in the company, and his financial stake may, albeit indirectly, benefit all shareholders. At this juncture, it would be in everyone's best interest for him to remove the current leadership and take the company in a more promising direction.
I have personally sold my shares and will watch from the sidelines. However, I still believe there are ways for the company to improve—if the right decisions are made.