Not to be dismissive of the previous board, but FAAAAAARK! This is serious stuff and a strong indication of where PO3 is heading – to the stratosphere!
OK, now that I’ve taken a few deep breaths, I’ll attempt to tone down the hyperbole, reduce my use of exclamation marks and try to rationally analyse this report.
The company has stated in numerous reports the contribution that BP has been making notwithstanding his non-executive status. Well, this contribution has now been formalised with his appointment as Chairman.
Usually when a company announces board changes of this magnitude, it’s because the previous board has been incompetent. Nothing could be further from the truth in this instance. What we lucky PO3 shareholders are fortunate enough to be privy to is a BoD going from a position of strength to a BoD of legendary status -and all of this without us having to pay a brass razoo for their services.
This is perverse - perverse in a good way. We get The A-Team and don’t have to pay. That is what happens when the interests of a BoD are FULLY ALIGNED with those of shareholders. (I guess that’s because they control about 75% of the company’s stock between them and will act in their own best interest, which just so happens to be our best interest.) This board won’t dilute at the wrong price or to the wrong party/ies, they won’t report for the sake of reporting, and they won’t exaggerate to pump the share price only for it to fall flat on its face. In short, they’ll build a company and we’ll all watch the value being reflected in the share price.
PO3 is not even going to be run on the proverbial “smell of an oily rag”, as our “oily rag” will have had the odour removed from it by the FRG.
In addition, I love the words of our, soon to be, new Chairman in talking about a board with “global experience”. I guess the US market just isn’t going to be big enough for PO3.
I refer you to a HC post of mine going back to March of this year, A Behemoth in the Making. In all due modesty, it has aged pretty well. The first link to the Parfet Bio is no longer working. This is where I found the nexus between BP and Bissell Inc., however, here is another link with that info.
Following is a section that I’ve copy/pasted from that post pertaining to BP that is worth a reread IMHO:
According to the following link Parfet Bio,
Parfet joined the SYK board in 1993 before resigning in August, 2016. I couldn’t find the exact date when he joined.
If this is correct, BP joined the board of SYK when it had a market cap of about USD140m. When he resigned in 2016, SYK was capped at USD45bn. This is a 321x increase in cap and doesn’t include dividends. Today, SYK is capped at closer to USD70bn. (Updated for today, that figure is closer to USD80m.)
Sourcing historical data for Monsanto is more difficult given that they are no longer a standalone entity following their USD63.5bn acquisition by Bayer. It seems as though a lot of historical information has been wiped from the Net and I can only cobble together bits and pieces to the best of my limited resources. I believe the following link is quite helpful: Motley Fool - Monsanto
In short, as taken from the link: In 1999, Monsanto entered into a merger agreement with Pharmacia & Upjohn, Inc., with the surviving company being named Pharmacia. The merger closed in early 2000, but by late 2000, the combined company separated out its agricultural operations and did an IPO of the new Monsanto, offering 15% of the unit's shares. In 2002, the company followed up with a full spinoff of Monsanto, and Pfizer acquired Pharmacia shortly thereafter.
Pretty damn savvy whoever thought of that. Would anyone be bold enough to suggest this guy does not have first class global business credentials; and as the saying goes, he has a Ph.D. in results!
Parfet joined Monsanto in June 2000 when the stock was around USD12.50 and resigned in August 2016 when the stock was around USD90 – a 720% increase. This doesn’t include dividends. The company was eventually acquired at USD128/share. This equates to a 10x return from when BP first became involved not including dividends.
I simply can’t reconstruct the market cap of Monsanto from 2000, however it’s very possible it was sub-$1bn at the time of BP’s involvement. If anyone out there can help fully reconstruct this story from inception with accurate numbers, I’d be appreciative.
Notice the declining issued cap? I don’t think BP is a great fan of dilution. That augurs well for PO3 shareholders.
And it seems as though CLS is no slouch himself. His actions in supporting PO3 (then WRG) from inception show that he is tenacious, a visionary, goes about his duties with an air of responsibility, and is very methodical about how he goes about his business.
As for PM, he is obviously the science brains in this troika to match the financial acumen of BP and CLS. Just look at the range and scope of the patents with which he has been/is involved to get some sort of an idea about his mental capacities.
These board changes are transformational for PO3 and BP’s comments succinctly explain the reasons for its enactment.
If this is the entrée announcement for OTC trading which is to commence in a couple of days, then I can’t wait to partake in the remainder of this feast.
PO3 Price at posting:
$5.00 Sentiment: Buy Disclosure: Held
(20min delay)