All –
A lot has happened over the weekend, which I have spent in discussion with other top SH, gathering information and considering the best way forward for our company.
What I have learnt has caused me a great deal of consternation and crystallised my view that change is required.
While I cannot disclose all that I have discovered, I can assure SH that my firm view is that the changes being proposed are both warranted and urgent.
Those who do not know me outside of this forum I expect may be hesitant to accept these assertions, which is perfectly understandable. Those who do know me (I hope) also know that I am not prone to overreaction and take seriously the task of thoroughly researching situations to ensure decisions are made with the best information available. This is how I have spent my weekend, the result being that I have resolved to do whatever I can to help ensure the changes being proposed are implemented in full.
Having now had the opportunity to review the letter that was sent to the board, I can outline for SH the key elements of the reforms being proposed. In summary, they are:
1. Dr Roger Aston to cease being a Director of PharmAust, transitioning to a consultancy arrangement.
2. Mr Robert Bishop and Mr Neville Bassett AM to resign their Directorships at PharmAust.
3. The appointment of Dr Thomas Duthy as Non-Executive Chairman.
4. The reinstatement of Dr Michael Thurn to the role of CEO, as well as being appointed Managing Director to ensure a board presence.
5. The appointment of Mr Marcus Hughes to the Board of Directors.
6. Mr Sam Wright to continue on the Board of Directors as a Non-Executive Director to ensure a degree of continuity and to provide company secretarial services.
I will not go into great detail regarding the suitability of the proposed appointments – for those of you interested it is easy enough to find ample information about the CV’s and relevant experience of both Dr Duthy and Mr Hughes – the latter having held senior appointments in ASX listed companies (including Board experience) as well as being personally invested in PharmAust for many years, where he is a top holder.
From the response received to my first post in this thread, it seems that there is a groundswell of support for change. I am providing this update so that SH can know more of the detail about what is being proposed.
There are two possible routes for implementing these changes; one that involves a relatively rapid and orderly transition and the other that will be unnecessarily drawn out, public and painful. It is my dear hope that the current Board of Directors appreciate just how serious and determined a great number of their top SH are to see these reforms occur and then do what is very clearly in the best interests of the company.
To those SH who are in agreeance with the key elements of the reforms I have outlined, I ask two things.
First, please share your views with the company by email. It is vital for the company to appreciate the level of support the proposal has garnered in order that the current Directors might be persuaded to adopt the most rational course of action.
Secondly, it would be useful for those same SH to post their support on this thread and to confirm that you have been in contact with the company. Many of our top holders have already done this, for which I am grateful.
I should also emphasise that I did not instigate the actions being proposed and stand to benefit only in the same way as every other SH – that is, by getting our company back on track and ensuring we are served by a competent, capable and energetic Board of Directors who will support our CEO and act in the best interests of ALL shareholders, always.
Cheers
Densy
(20min delay)