I know nothing about AB, but if he is "a turnaround guy" then he'd be looking to make some serious changes fairly quickly, which, no doubt would have stepped all over RA's toes.
RA and the Board believe their business strategy is sound and that RA is the "guru" .... and the only person who can deliver on the technology. If only they knew the truth. !!!
Even the move to Egypt, meant that RA became further entrenched and seemingly indispensable.
A clever move on his part.
It would seem that AB had other ideas ... hence the irreconcilable differences.
RA is the largest shareholder, and has loaned the company many $$. (mostly contributed from his many years of exorbitant salary and side deals, ..... and maybe ongoing side deals ?? Hmmm). TB also has much equity in PPY.
TB, who knows nothing about technology development, continues to be beholden to RA, which means the company remains effectively a private business of RA's
Previous Chairmen (and Board members) tried to question and stand up RA, but were ceremonially "executed" one by one.
So sad, to think about what the company could have become, without a narcissistic "godfather" pulling every single string, .... despite AB's best attempts. AB's clearly a smart and perceptive man to get out so quickly.
Also what are the "other expenses" of around $120K for 2016/7. The company is doing nothing and all costs related to the establishment of the Egypt factory are meant to be borne by the JV partner, so what are these PPY expenses. ? Payments to RA's family business ? ... despite claims that directors are receiving no payments. Hmmmmm
Too many secrets, maybe.
Another reason for "irreconcilable differences". ??
I'll bet there are no answers at tomorrow AGM ... just a lot of waffle, and "positive signs" for the future.
Exactly the same as last year. The only thing which has changed is the calendar.
Anyway, it's entertaining. Don't mortgage your house on this dog.
The share price won't last, nor will the company.
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