Not sure why anyone would buy in at the moment but that's just me. For me, there's still too much uncertainty. For example, Jimmie had openly stated on LinkedIn that only 'stupid people" think CI1 can succeed without him. Now, how much hede you give to Jimmies comments is up to you but let's not forget that the board also said that it was in the best interest for shareholders to keep him in and recommended that shareholders vote against the resolution to kick him out. I don't really see how the board can be taken seriously after this, even despite the appointment of Doman Wong which I think overall is a good move.
Doman seems quite straight and reputable but I actually can't find much information about him and I'm also not sure if he's been in the board of many companies before? I'd love to know if anyone has this information. He's obviously experienced though as his profile says "First trained in one of the Big Four, he previously held various management positions in a number of listed companies, including Asian subsidiaries of US and UK- based multi-national companies in Hong Kong and Australia.".
Also, I'm not overly familiar with the work of Baker Tilly but after googling you find this:
"The Securities and Exchange Commission today imposed sanctions against a Hong Kong-based audit firm and two accountants for failing to properly audit year-end financial statements of a company that the SEC has charged with fraud.An SEC investigation found that Baker Tilly Hong Kong Limited, its director Andrew Ross, and its former director Helena Kwok ignored red flags surrounding approximately $59 million in related-party transactions reflected in internal accounting records of China North East Petroleum Holdings Limited but not adequately disclosed in year-end 2009 financial statements. Baker Tilly and the two accountants failed to plan and implement an appropriate audit response to the related-party transactions, which primarily involved the company, its then-CEO, and his mother. "
The above is from 2014 so obviously a long time ago and there's no mention of Doman.
Overall though, my gut says that Doman joining the board is a very good move and maybe shows that the current board is finally listening to shareholders and their frustrations and acting in them. Only time will tell but as I said above, still too many unknowns for me at the moment and the reward doesn't seem to outweigh the risk. If we see an improvement in communication and a roadmap forward without Jimmie, or at least with less of him, then I could change my sentiment. But hey, I invested in SRY and other fine companies so not sure you should take much note of what I say.
(20min delay)