Hi
@panhead
I don't have any issues answering your questions.
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What I meant by:
"...gives me an impression that perhaps Sholom and Pnina (while perhaps well intentioned) are out of their league and in the best interest of shareholders need to swallow their pride and let other more skilled players take this home" I get the impression that - based on the observations outlined in my previous posts - Sholom and Pnina may be at a point where the demands placed upon the directors of CGB to 'take this home' and make CGB the success it has tried to position itself for, may be too much for the skills of the current Directors. You can google numerous cases (for example Google itself, Cisco and Yahoo) where founder-led companies have grown to a size where the existing founder-CEO's were out of their depth, and were subsequently replaced by more experienced CEO's and Directors which possess the necessary skills and experience necessary to move the company forward.
If you want to read more on this, there is an interesting article on * which talks about this very issue (
https://www.*.com.au/when-founders-should-quit-2013-1?r=US&IR=T).
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"Also on your comments on @Seventoe could you please explain how having 14 prospectus issued allows someone to "guess" the company will not trade for 6 months?"
I think history is a good judge of the future. We've had thus far 14 prospectus issued and almost a year without trading. During this time, there have been numerous announcements stating how very close we are to trading again, and how we are just waiting on final approvals and yet we are a year down the track and still in suspension... Examples include:
- "... which is expected to be finalised with the ASX today or prior to trading Monday 7th May 2018" (Ann: Request Voluntary Suspension - 4th May 2018)
- " We are working with the ASX to provide further details to satisfy all requests from the ASX in regards to this significant acquisition. This is expected to be finalised with the ASX today or prior to trading on Wednesday 9th May 2018" (Ann: Request for Voluntary Suspension Extension - 7th May 2018)
- "This is expected to be finalised with the ASX by Thursday the 17th May 2018" (Ann: Request For Voluntary Suspension Extension - 7 days - 9th May 2018)
- "Therefore the company requests a further extension to allow the Directors of QBL and MCL to work with its legal team, and the ASX, to complete the final comprehensive draft announcement and to give time for ASX to consider the additional information provided by the company" (Request for Voluntary Suspension Extension - 17th May 2018)
- "This detailed process is now understood by the Company to be very close to completion and approval, and this is now expected to be finalised with the ASX on or before trading on Friday, the 1st of June 2018" (Ann: Request for Voluntary Suspension Extension - 24th May 2018)
- "The Company is expecting to be able to resume trading on the ASX once the ASX approves the release of the announcement" (Ann: Update on Resumption of Trading - 1st June 2018)
- "The Company is pleased to advise that we are in the closing stages of completing the approval process with the ASX of the transaction, and has now provided the ASX with all the information that had been requested by the ASX to be included in the detailed announcement." (Ann: Resumption of Trading of QBL - 8th June 2018"
QBL subsequently recommenced trading on Thursday 21st June 2018. This shows that this 'expected to be finalised' state continued from 7th May all the way to 21st June, when we were constantly so close.... To me this gives the impression that they actually had no idea what they were doing.
The same is the case again for the current recompliance process and please dont make me go through every announcement and list out the numerous times they've stated they've been so close, and its almost done, and just waiting on final approval when in fact almost a year later we are still waiting to see trading. Add to the fact that the company has chopped and changed strategies - purchasing 100% Medcan, building a new facility and having all permits, to now the deal falling through and using funds for other strategies - to me again gives the impression that the BOD are out of their depth and don't know how to successfully navigate this recompliance.
As a result, given its taken almost a year without trading AND we still have no idea where in the process we are and how long it will be till we are trading again AND the impression I get of the skills and capabilities of the BOD based on past performance - when someone guesses we will be waiting for a further approx. 50% of the current wait length - I think is a quite reasonable guess.
