The appointment of new Chair Damian Banks brings massive...

The appointment of new Chair Damian Banks brings massive credibility to Vection IMO.  His industry experience & contacts list is impressive at the very least.  There is no way someone of his calibre would waste his time, energy & risk his reputation on some ‘sham’ company that had no future.

He has no doubt done significant DD, spent time considering the opportunity & on Friday finally committed.  He has taken place of someone whose reputation is questionable at best.  I have zero doubt he would be fully aware of that & will in short time use his influence to negate that issue once & for all.

A big part of his role & something VR1 can clearly use is the ability to communicate the vision & value of the organisation to staff & all stakeholders.  His job is to lead the board, focussing on strategic matters, overseeing the groups business and setting high governance standards.  Ideally ensuring the company is stable & profitable.

Its my suspicion the recent CFO change may have been part of a commitment by Vections board prior to DB’s appointment demonstrating they are prepared to do what is required to turn things around.  A CFO based in Europe makes sense since that is where the majority of the business units & clients are all based.  We only have an interim one for now until CFO is elected permanently or one is found.

A bit of info on our new Chairman Damian Banks…
* Non Exec Dir / Board Member / Chair various some previous & some ongoing at RPM, APM, IMEXHS, Boom, Built Envonment, ICS Global, now Vection.
* Konekt – CEO – 700 staff, Grew EV $1.5M to $86M in 6 years
* Westpac – GM Equities, GM Fin Inst, Head of Global Trans, Head of Payments (15 yrs)
* Citigroup – Exec Mgr Ph Banking (3 yrs)

I note recent on market purchases in Boom Logistics Limited (ASX:BOL) that DB is a non-exec Director of. The past 3 months he has made 5 separate on market purchases of this stock totalling over $110k.  This is a significant example of what happens when DB gets involved in a stock he believes in.  Something we have never seen is on market purchases by any of our board.  If he were to do the same here would set a great example & bring tremendous confidence for all.

I hope his appointment is seen by the market as exactly what I believe it is… a huge acknowledgment of Vections potential by someone with experience & connections to progress that potential.  He has had the chance to witness it, see value in it & commit while most have written us off.

This announcement is confirmation the board has finally begun to make changes that from the outside had to be made for us to be taken seriously.  May they continue to.  Currently trading a touch above 3 year lows at 0.028.  If this thing is really legit as very few of us here are left believing, we look forward to your ability in letting the rest of the world know.  Welcome Damian & all the best to you & everyone with an interest here.