EPN (ASX) THC Management Revisited Mark II

Originally posted by Jonalanat ↑

I hold many shares in THC and advocate for everyone to hold and accumulate THC shares, as you will be rewarded in due course once all licences have been awarded and deals have been sealed.

This will happen in the future.

But, for the time being, I am more focussed on the present state of management affairs.

I am not trying to ramp down the share or scare people into doing anything.

I felt it important to properly elaborate further of my concerns for the new management team after my previous post was unduly moderated and locked by the powers that be on HotCopper.

TBH, I’m still at a loss to understand why my post was moderated when it contained only factual information concerning the new CEO of THC, David Radford.

Anyway, after a member on here intimated that I was more or less scaremongering and should check my facts before posting, I thought I’d peel a few more layers off the management team by referring to publicly known facts on them and their previous positions in other companies to illustrate my concerns.

If you google Dickson Health and Bioxyne you will be able to read up on some of the people in the management team now controlling THC.

There is no defamatory material in my post. It is all factual.

Firstly, as previously stated, David Radford was appointed CEO of Dickson Health in or about April 2016 and then 5 months later administrators were appointed to that company. It was discovered in May 2016 that there were accounting irregularities in the company that masked its true performance and in actual fact it was losing money and had a net asset deficiency. It then went belly up.

My concern is that Mr Radford obviously joined Dickson Health without doing his proper due diligence on it and then got caught up in the white wash when it floundered.

May I be bold enough to suggest that he might not have been too focussed or cluey on the nuts and bolts of that company’s operations but was more concerned about gaining control of it?

And this person is now leading THC?

Secondly, David Radford and the new THC Chairman, Ian Mutton were, respectively, Managing Director and Chairman of Bioxyne (formerly known as Hunter Immunology) in 2012 when the company share price of that company tanked due to excessive spending and wastage of company funds, amongst other things.

In the end, shareholders of Bioxyne voted unanimously to boot both of these gentlemen off the board and out of the company after a very ugly confrontation.

These are all publicly known facts.

These people are now in control of THC.

Can you see why I am somewhat concerned about THC?

One can only hope that they have learnt their lessons after Dickson Health and Bioxyne and will guide THC properly and diligently towards success in the medicinal marijuana sector as was foreshadowed in its prospectus prior to listing on the ASX.

The share price should realistically be around 50c by now after THC has obtained 2 licences with the third to likely follow, not forgetting the fact that it actually generates income (unlike many other companies in this sector that have much higher share prices) and, lastly, where there have been deals announced confirming to everyone that it is placing itself nicely in the sector for future growth with different partnerships here and abroad.

Why has the share price floundered in the face of such positive news to date?

Of course it's nice to see the share hit 30.5c today but it should have been much more than this to begin with.

Manage diligently, release positive news diligently and work towards getting the share price up to where it should be next to its competitors in the sector.

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Jon, thanks for the detailed post from an obvious supporter of the business. I was an interested observer of Bioxyne and although this was a balls-up of monumental proportion, I can't agree with your interpretation of events there, and some assertions you make are factually incorrect imo.

I can't predict if Radford will be the saviour of THC, but I feel pretty sure his experience in running medical products companies is what this business needs. As you say 'Of course it's nice to see the share hit 30.5c today but it should have been much more than this to begin with'. This sums up the markets conviction in the prior management.