"I cannot understand why Thorney doesn't agitate for change"
I have no insight, but hopefully they are already or hopefully they and/or someone else will be before too long.
And IMO Martin Pretty is the most likely of all recent past and current NEDs to be able to assess MF's performance, though there is only so much Martin will be able to do unless Thorney and other shareholders support change.
Another option is to see a group of shareholders aggregate voting power to agitate through general meeting for a board restructure. I think this is possible but less likely as you only have to see the level of tolerance and apathy that many shareholders have for average or even sub-par performance from those that manage companies that they part own. Most unhappy shareholders will simply sell and move on, as many here already have over the past few months, if they feel deeply enough about it. Others will simply hold on hoping things will change despite all the evidence they won't and no evidence they will.
As I keep writing, the coming months are IMO critical given the expectations created around the quality of the products, the size of the market opportunity and the entering into the US market and the likely reopening in the UK and Europe as this year progresses. There should only be so long and so many chances that management are given in the face of overpromise and underperformance before shareholders are prepared to tap them on the shoulder and hold them accountable.
Perhaps as more time passes there will be a few larger shareholders that find they have had enough and organise to rally the troops. @Bundy's informal survey suggests a good portion of shareholders read these threads. I would be happy to take part and/or even initiate/coordinate it if I am still around at the appropriate time.
SPA Price at posting:
14.5¢ Sentiment: Hold Disclosure: Held
