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daicosisgod

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26/02/18

09:16

Post #: 31335619
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Originally posted by daicosisgod ↑

Here is the 5 point plan that John Ho is currently working on that will resurrect the performance of VOC and ultimately lead it to a much higher SP.

1. Fix the Board.
Appoint John Ho as Non Executive Chairman
Vaughan Bowen to remain a Non Exec Director and consultant to new CEO
Remove John Brett & Rhonda Phillippo as soon as NZ sale contract is signed
2. Appoint new CEO
Geoff Horth is not up to the task. Must go immediately.
Assuming Ho sees greater value in keeping VOC whole then appoint a hot shot from overseas
3. Get NZ sold
4. Allow CFO to complete restructure of balance sheet and bank facilities
It must be remembered that Wratten came in when the Board was fighting, the 4 way merger was going nowhere and the whole finance team was a mess with poor reporting, even poorer forecasting, major accounting issues over contract accounting and a large staff turnover. Its called a poisoned chalice. So far I give him 8 out of 10
5. Do a deep dive on the Consumer business and decide if it can pay its way and make sure Mick Simmons is given every resource to complete the ASC Project on time and to get the new customers on it.

Wratten's comments on working capital sounded like they were next on his hit list however he was just a bit clumsy in the way he said it.

If Ho is not working to this 5 point plan then I will go He.

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Item #2 underway.

VOC Price at posting: $2.37 Sentiment: None Disclosure: Held
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