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10/01/18
06:39
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Originally posted by 2018_Change
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As it stands FW will not be considered for any executive role. He will be engaged in a sales and marketing capacity as it is evident he is critical to the sale of plantation and product sales, and maintaining the support of growers. If his legal action against the company can be satisfactorily resolved only then would he be considered and this matter is currently with the courts. Our primary concern with this legal action is the company resources being used to pursue the matter. Clearly, the company only took this action for the first time ever against a grower/ investor because they wanted to discredit Mr Wilson and prevent him from making a bid for the company which at the time Mr Wilson stood down was well in excess of $1. An arrogant and naïve action that has backfired on all shareholders.
With respect to future revenue forecasts - Firstly, FW was one member of a 6 member board so they were not his ASX releases but rather board releases, plus it is important to recognise that all releases regarding financial or revenue forecasts were prepared by Company CFO, Alistair Stevens. At the time all the oil had been pre-sold and it is only due to the current board's incompetence that it is not. The Chinese contract was never canceled while Mr Wilson was CEO. At the time Mr Wilson stood down the contract with Shanghai Richer link (SRL) was still on foot. In addition, Mr Wilson before he stood down had introduced a highly credible Chinese customer (a Chinese public company) who was willing to take over the SRL contract if SRL did not fulfill its contractual obligations. At the time Mr Wilson stood down the position of SRL was clouded by a Chinese Govt customs investigation and the Company was unsure how that would ultimately affect SRL and its performance under its contract with the company, but regardless of SRL this new contract with the new customer effectively provided a back-stop so either way the company would sell its contracted wood volume in FY 18. Regrettably, the current management could not conclude a contract with the new Chinese customer and did not accept Mr Wilson’s offer to help finalise this new contract. Again an arrogant and naïve action that has backfired.
As stated in a previous post, our view is that the only class action likely to succeed is the one looming against the directors (not the Company) for their panicked and clueless response to the alleged termination of the Galderma agreement which led to a totally unnecessary and avoidable freefall in the share price. The best outcome for shareholders is to turn the company around and we have a strategy to do so. The gains for shareholders from an appreciating share price driven by the restoration of value in the company's business and assets will far outweigh anything gained from the class action if we are successful with our strategy.
We encourage you to be in touch via our email provided and we will happily address any other questions you may have.
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Can you ask Mr Wilson why he installed the best man from his wedding to such a senior leadership position within the company, surely there were more qualified people at the time? Your previous posts seem to lay the blame at his feet, which may be fair, but I think you should also lay blame at the people who put him there.....