With the announcement of James Graham as Recce CEO in a recent interview, it shall be interesting how power is shared with his grandfather Graham Melrose the executive chairman. Given Mr. Graham refers to his Grandfather as an acquaintance, are the executives becoming estranged? With the exodus of 4 non executive directors after such very short tenures, without any indication of replacement, the concern is no independent or functioning committee's as is expected and required of a listed company.
The last 4C along with average monthly spend has all the 5 million raised spent before the end of July. How can that be with last months announcement stating Recce was over $900 000 under budget.
News of the successful commissioning of the pilot plant, when it comes, would require how many months or more of tests before an IND application? Little hope of this year.
So a capital raising or other announcement is clearly imminent. This last minute dash for cash given the disappointing performance will certainly come at a price and perhaps with unsavory conditions like those that ultimately sunk Chemeq.
RCE Price at posting:
19.0¢ Sentiment: None Disclosure: Held
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