Yes, it was a significant oversight.
When Mr. Tom Booth of Novus Capital invited the company to an informational dinner in Sydney's CBD, they delegated attendance to two directors, Suriano and Neal, who lack industry experience. From my perspective, both appeared disengaged during the presentation, partook in the meal, and departed without engaging in any discussions or posing questions.
This incident highlights a broader issue: the absence of entrepreneurial vision and industry-specific knowledge within the board, rendering it ineffective in recognising and seizing opportunities.While revisiting the opportunity is advisable, the board's current lack of expertise raises concerns about its ability to execute effectively, IMO. This should also raise questions regarding the lack of essential resources necessary to initiate and operate a facility within the USA.
Compounding these issues, the board made a questionable decision by contracting a family member of the CEO to conduct leadership training for LaserBond personnel despite escalating expenses.This action, IMO, raises concerns about potential conflicts of interest, the board's commitment to prudent financial management, and that decisions are made in the best interest and concern for the opinions of all its shareholders and employees.
These patterns of behaviour suggest, in my opinion, a need for a comprehensive review of the board's composition and decision-making processes to ensure alignment with the company's strategic objectives and fiduciary responsibilities.
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