With no majority independent Board and the Chair and CEO controlling the major shareholder (and asking to get to >40%), what is the mechanism to sack an underperforming CEO here?
If no sacking (admittedly a drastic move), what is the mechanism to hold the CEO's feet to the fire by denying a bonus for underperformance?
With share price sinking again today, investors are again sniffing a delay so will legitimately question CDX's funding position, particularly given the company's poor track record.
The next question, if there is another delay and cash burn remains high, under what circumstances can C2V renege on their obligations under the facility agreement? Without an independent Board, who is there to protect non-C2V shareholders?
This risk explains to me the lack of institutional interest.
All my opinion
CDX Price at posting:
6.3¢ Sentiment: None Disclosure: Not Held
