The parlours state of KZA’s finances can be traced back to JG. When capital markets were open (pre Covid), his capital management strategy was to fund only “to the next inflection point”. His words in quite. Given his lack I’d of business acumen, he is unaware of the motto “you raise funds when you can, not when you need”. At that time, SP was at all time highs. Millions could have been raised with little dilution to shareholders.
His strategy was to raise just enough until the next result publication. Most studies however were outsourced to third parties thereby losing total control of results.
In the meantime access to capital markets crashed, efficacy results were postponed, SP tanked. All the while, the Board offered JG millions of in the money options.
Thankfully, the Board realised that this resolution would be voted down at the AGM and withdrew it.
I was JG’s biggest fan when he joined KZA. How we, I have seen this company mismanaged financially.
The parlours state of KZA’s finances can be traced back to JG....
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