CCX scorecard - AGM

The AGM will be held in November.

In my view the growth achieved for 2022 deserves good marks.

Further, general economic sentiment driven impacts on the stock price are not within management or the Board’s control and the company can’t be blamed for the macroeconomic environment change in 2022.

However in my view CEO and Board deserve to be reprimanded on the following significant items-

1. Investment in stock that went to an exorbitant level and shocked the market as a consequence. The stock investment spent all of the remaining capital raising funds and has stalled inorganic growth initiatives of significance.

2. Growth momentum itself-the Company is now posting much reduced sales growth, in fact nil sales growth in the early months of the ‘23 financial year, when it had repeatedly said and geared itself as an ‘international growth stock’, failing to execute on any meaningful acquisitions for 2 + years. This has resulted in consequential reputational damage to the leadership team negatively impacting all shareholders.

We have heard very little from the company on these matters, other than stock will reduce by the end of the 2023 financial year, being far too slow and too late.

My vote is one of disapproval at this year’s AGM.