I have received a letter from Mangelsdorf & Brooks which I consider to be an absolute embarrassment and insult to my intelligence.
i) They are suggesting that it is absolutely essential that the overseas directors of Dr Ando, Dr Corr, Dr Kalland and Dr Lonngren remain on the board. Except for Dr Corr it has been recommended that the remaining overseas directors remain on the board. In fact Dr Ando (although not due for re election) has agreed to stay with Cbio and continue working with Cbio, retaining his directorship and work with the three new directors.
ii) “Developing drugs is a very high risk investment” – All the overseas directors have agreed to stay on. Except for Dr Corr it is recommended that they are be re elected. So Cbio already has the help and experience that is available. What do Mangelsdorf & Brooks know about Lupus – maybe like Dr Monsour, pal dog food does not work!!!!!!
iii) There has “never been a stronger champion “ for the company than Dr Monsour. Dr Monsour may be a champion in terms of being one of the largest shareholders and financially helped Cbio during difficult times, however there is the constant influence of the “Jones & his Cronies” that Dr Monsour is being guided by. His apparent “mix up’ with the Lupus Trials using dogs rather than mice in the pre clinical trial is a fundamental error which is unforgiveable. Cbio needs a chairman who is not influenced by the “Jones & his Cronies” attitude and is completely independent and understands the culture of the science and the shareholders.
iv) “Emotion has overtaken all rational” – In my view it is Jones & his Cronies that have caused this. There is no one else to blame except Jones. It is Jones’s arrogance and greed that Mangelsdorf and Brooks need to review. If Jones and his cronies had communicated better with the shareholders and not attempted to have the performance options accepted by the shareholders it may have been a different story. Hind sight is a wonderful tool however looking back the shareholders have been blessed with Jones’s greed and arrogance – because of this he is no longer part of Cbio’s board or management.
We don’t need Mangelsdorf’s & Brook’s so called demonstrated skills – why would we (what are they anyway??). If they cannot see what Jones and his cronies have done to Cbio, in particular the dilution to the share value of the last year I do not want them to have any involvement with the company. If Nova Nordisk want to do a deal they will do a deal whether Jones and his cronies were still there or if Dr Monsour was the chairman. In my mind it makes no difference particularly now that the overseas directors (the ones recommended) have agreed to stay.
Without Manglsdorf & Brown we will still have a stable company, the directors will be independent (more so as there will be no Jones & his Cronies/ Monsour influence.) They say that they know how to run a lean operation well why in the hell has it taken them so long to react. Jones and his cronies for the last 4/5 years have been running a “wrought” paying themselves excessive salaries and consultant fees – enough is enough. Also why did they agree to be directors knowing too well that there are now ten directors for a company of 23 employees – please!!!!!
Please note the above views are my personal views and should not be relied upon.
CBZ Price at posting:
18.5¢ Sentiment: Hold Disclosure: Held
