For someone who holds no shares, you definately have a passion for a stock you do not hold or intend to buy!!
The decision by the Board to outsource the future design and development to a US based CMO, is an excellent decision by the Board as outlined in Market update in Dec 23. Clearly the Board has untaken a detailed lengthly review to arrive at this decision since the former CEO's departure. I as a shareholder, would much rather have a Board, who takes it time to look at all options and engages, appropriate external and internal advisers, as it is allowed to do under Sec 188 and Sec 189 of the Corps Act, which I am sure this Board would have done or should have done.
Re CEO search, clearly could not be commenced until the strategic review had been completed and as such the Board has indicated again in its market update in Dec 23 and Nov 23, that is continuing its search. That the fact that use LinkedIn as one of the tools for this search should not be an issue and the appointment of a head hunter, given the extortinate fees, is not to be taken lightly given the past CEO and from my contacts in the industry, this has already commenced. I suppose you would have an issue with word of mouth referrals as well!! Some of the best CEO's I have worked with have not come via the Head Hunter trough but via word of mouth.
The fact that you indicate that the CEO search was the trigger for the 249D, indicates that the Board has not bowed to threats or black mail by the requisitioning shareholders, so hats off to them for not putting up with this bully behaviour and taking the time to get it right. So until EGM and the dust settles, no CEO worth their salt would want to be involved, so well done Hall and Co for also inflicting your own special damage to RHY or do they fancy themselves as white knights on chargers!
Expand
