Its a real shame that this company has performed so badly and...

Its a real shame that this company has performed so badly and that investors have had such a terrible run. I have been a shareholder since when it was unlisted in 2011. Here is how it looks through my lense:

Problem #1 was identified 12 years ago by an astute business colleague of mine, who attended the first AGMs when BlueChiip first listed. He said to me, I wont be going to another AGM as the Chairman Iain Kirkwood does not have the necessary experience for the job, he’s a bully, rude in fact, no background in product sales businesses, and some other comments that I cannot recall.

Problem #2 occurred 10 years ago when Michael Ohannessian was appointed to the board. Michael we were told had been CEO Andrew McLellans boss previously at a previous company, and there was a view held by some that Michael had leverage over Andrew as his prior boss.

Problem #3 is a big problem, which is the current board of directors who have not run operational businesses that involves hardware manufacturing, distribution, direct sales and indirect sales, and at a global level.

The biggest problem with this company is a board of directors who are past their expiry date. Having a 14-year Chairman and a 10-year Director can only be justified if the company is over-achieving. It is not, it has failed repeatedly.

This company now needs a group of unhappy shareholders, including some larger shareholders, to lead a 249D to remove 2 of the directors and replace them with ‘’operationally experienced’’ board directors that can help the CEO be successful. We don’t need placeholders on the board. Enough is enough.

And what about Andrew the CEO? It possible that Andrew could step up and do a good job on sales growth with the right Board in place. However, we would also have to assume that Andrew is loyal to the current Board because they employ him. Whether he is able to pivot to a refreshed Board is the question for him, and if not, then for us.