ex ceo selling, page-9

I flagged Bonvino's 10 mill quite some time ago, as part of his "severence" package - he got them last Monday week, few days to see what happens with a few anns., no action, dumps at whatever he can get...

I mentioned Lanadrac selling 2 mill the other day and stated they would no longer be substantial. The sale was to cover debts owed by Lanadrac. Ginzburg (head of the Scientific Advisory Board and an IMI employee on a 5 year contract) is one of 2 directors. He has a 34% holding. Other director has 10%. There are 10 shareholders - so another 8 have 56%. They are all very disappointed of course. Who knows what it's doing to them psychologically, but I have learnt that Lanadrac is in the process of de-registering or similar, and all shareholders will be transferred their shares as individual holders. I believe that will happen within the next 1-2 months. There will be no substantial holders thereafter, unfortunately, and who knows what their intentions are...

Ginzburg is frustrated with how things have gone, but he is a self confessed "petrie dish" whose focus is totally on the CPI, rather than being focussed on the company itself. He has said though that things have definitely improved internally lately and he has been given a lot me freedom and support to start pushing the CPI.

The focus is totally on Sigma at the moment - they have to be to get the cash flows going - but I am concerned that that will be at the expense of other opportunities and I am still not happy with the quality of communication coming from the company.