Back from holidays and have caught up with the news, and apart from the fact that there is some more cash in the bank it is mostly bad, as far as I can see. Where to start...
1. There have been various posts along the lines of cleaning out the dead wood. Aside from reinforcing my view from an earlier post about Blomfield apparently getting the Thai deal across the line then being sacked the next day, has anyone ever considered the possibility that much of the change has been due to people getting sick of the way Tyree runs the show, and walking away? The recent resignation of Keniry points to that, as clearly it was a sudden decision. The Notice of AGM showed him putting his hand up for re-election, the next thing he has walked. It obviously caught the company on the hop, as they had to go into a trading halt while they rustled up a new director.
2. Nobody else has commented on the fact that, of the three directors now on the Board, there appears to be the sum total of zero years listed company director experience prior to joining the MIKOH board. I don't know about you, but that doesn't fill me with confidence. Not forgetting that Scully-Power's experience as a CEO is also non-existent, and he appears to have only four years as CTO at Tenix as listed company experience. That hardly inspires me. Given Tyree's private company background, it wouldn't surprise me if he runs MIKOH like his own private plaything - maybe that is why Keniry and others have walked away.
3. Moving on to the notice of AGM, in the past few years MIKOH has generally sought ratification of one or two of the largest placements in the prior year to partly refresh their 15% cap. This year they're trying to get all the rats and mice ratified as well, presumably to refresh the cap all the way to the 15%. That hardly augurs well for no further dilution, and is totally at odds with the promise of being cash-flow positive by the end of the year.
More to come................
MIK Price at posting:
4.1¢ Sentiment: Hold Disclosure: Held
