Ann: Managing Director Resignation, page-7

I wouldn't blame Laura McBain. She was asked to do a job by the Board of Directors. They have to take responsibility for appointing her.

The problem remains of this company being set up for the wrong reasons. The old POP no longer had its original income stream so the Directors needed to find a way to rebuild it in order to provide ongoing Directors' Fees for themselves. They bought in to Maggie Beer with little knowledge of the food industry, expecting instant dividends. When that didn't provide instant wealth, they paid dearly for Paris Creek then used capital raising cash to bring in some experts. However, each time they capital raised, it was amazingly close to time for Directors Fees to be paid. There was always a significant "ongoing working capital" component to each capital raise. Now they have reached a point where investors expect returns and no more capital raising, the businesses have to really perform well to deliver a return as well as fund the Directors' Fees.

The next move will be even more interesting than the previous.