Ann: Chairman's Address and Presentation to AGM, page-50

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17/11/17

12:18

Post #: 28889561
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Originally posted by zentrify ↑

There appears to be plenty going on behind the scenes, politics that have yet to fully play out. I hope that they do sooner or later.

I am a bit with riverb here.
Was AS given a chance? What do others know that we don't? GC is great and I think that he needs to remain - but he was CEO to get where we are now for most of the period of time. Maybe he was not liked because of the hard decisions he made to stop ADO going insolvent - who knows?

MS has been put on the board by some major shareholders (Levensons??) who are well below water and possibly entered as s/holders on his rec? who knows. So he has skin in the game for sure. Did Levenson's vote against AS based on some knowledge not privvy to the rest of the s/holders - who knows. Many unknowns. We are still waiting for MS's updated blog.

It sounds like the DiaSource vendors were not misbehaving but helped out the stressed situation of ADO spending time on presentations, changing contracts... Sure they wanted their $$ back. Sure Rolf and Jeff looked out for DiaS business more than ADO's but I see that as a result of the ADO board for just congratulating themselves on the acquisition and then not directing the direction of the merged entity. It looks like they were totally left to themselves in Belgium to go about their business, which was what they knew DiaS. Giving these 2 such powerful positions when then was an earn out clause was always going to get them to focus on maximising their earn out!

Anyway - lots of unknowns for us mere plebs. Just be sure that politics is still playing out behind the scenes and possibly to the detriment of the company. Who gets through as a replacement board member for AS will possibly show who is on top. If not who JH wants then we may well see him step aside as well.
Is that a good or bad outcome? Who knows?

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MS has been put on the board by some major shareholders (Levensons??) who are well below water and possibly entered as s/holders on his rec? who knows. So he has skin in the game for sure.

It appears that MS credentials for being a director of a public company board are 1. Associations with a major shareholder 2. owning some stock himself. 3. A revealed career history of being a private share trader and 'working in distribution' for Parmalat http://www.parmalat.com.au/

Lost the experience of AS, but gained MS. Not sure if that was the best deal for the shareholders.

ADO Price at posting: 1.7¢ Sentiment: None Disclosure: Held
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