Dear Rsh Board. My heart sank when I read the AGM notice yesterday. it read like a Mexican Standoff, a regression to the infantile. As a long suffering retail holder I thought that RSH (V2.0) was on the path to bigger and better things. I admit that I have a personal interest in turning around my current 50% loss, but as I've shared on another post, I invest my hard earned $$$ in companies that I believe will do good in the world. I don't invest in the big banks, oil and gas, coal, tobacco, nor ALH.
I was upbeat with Mario's initial 100 day plan and the regular shareholder conference calls. I don't watch much commercial TV, but I tuned into ACA and watched Tracy interview our new Wheezo ambassador. I got excited seeing Clarkey do his thing at the Indian conference. then the updates from the strategic partners like Two Bulls was uplifting. the focus on excellence by spending time and money on getting the plastics just right for wheezo was also music to my ears.
regarding remuneration, the above-mentioned tended to override any concerns regarding the shares (given out like lollies) to previous directors, and even the number of options for Mario. I thought to myself, well we can all just enjoy the spoils of a successful product launch, even if it means that such spoils will be greatly skewed
I'm not a clinician, but I do suffer from seasonal allergies and I know that in Melbourne there are many more patients in Spring for clinical studies. why that was not part of the strategy is confusing. then the absence of communication on the study was not acceptable.
in a recent post, I defended Mario, and then it was announced that he'd been axed. what a shock. how did things go so bad so quickly? how did you manage to snatch defeat from the jaws of victory, as one of my buddies enjoys telling me as I choke on the final holes of our social golf game? if it became telling that Mario didn't have the capacity to lead the company into the important next stage, why didn't the Chairman carefully consider and implement plan B in a timely manner so as to avoid this current situation and likely farce at the upcoming AGM. if the CEO was deemed to be incompetent, then the Chairman needed to act decisively.
So RSH Chairman, where do we go from here? another capital raise is likely imminent to dilute my holding once more. then what? a new CEO but when? what Recruitment process are you going to adopt this time? in the meantime, good luck with the upcoming AGM. my sense is that you are going to need it.
RSH Price at posting:
6.3¢ Sentiment: Hold Disclosure: Held
