In regards to the 14 resolutions to be voted on in the upcoming NUH General Meeting, as far as I can see the only resolutions that require a “FOR” vote are 1,2,3, and 10 and the rest rejected and voted “AGAINST”.
Resolutions: 1, 2 ,3 (The placement shares and options to the investors who bailed out NUH in April) “FOR” and Resolution 10 the employee incentive plan “FOR”
Resolutions 5,6,7,8 , 11, 12, 13,14 all these resolutions relating to offering shares in lieu and for salary sacrifice must be rejected and voted “AGAINST”. The Board has demonstrated such ineptitude in terms of managing Justin Miller that all these directors need to take a significant pay cut and in my view their positions are untenable. All the directors have not been paid by company earnings or the successful execution of a business strategy but have all been paid by shareholders injecting money into the company via continual capital raises. These directors deserve nothing.
Resolution 9: Performance rights to Justin Miller must be rejected. “AGAINST”. The screen shot below page 23 of the notice is the Board reasoning, it is beyond a joke, Miller drove this company into the ground twice, back in 2022 bailed out by RealTek and in 2024 bailed out by the a few of the top shareholders and now trying to put a deal together. To award performance rights to a company wrecker in Miller who has failed to execute and has destroyed over $60 mln in shareholder funds is obscene. Miller needed to be sacked long ago for incompetence and yet the board’s thinking is so impaired that it still thinks Miller is the right person for the job. Unbelievable.
Resolution 4: I would argue needs to be voted “AGAINST”, Intuitive Pty Ltd and its principal Peter Nesveda is not an AFSL holder nor has ever been, nor is the company or the principal a Registered Representative of an AFSL holder. This is a very problematic situation and how the Board allowed someone who fails to hold or even qualify for an Australian Financial Services Licence and has never held an AFSL to act as adviser in a placement is very troubling. This guy has also inserted himself as some sort of adviser role speaking to shareholders about NUH without ever having the correct legal qualifications and compliance in place. Again this is a shocking reflection on the NUH Board that they have resorted to a two bit operator rather than engage a proper investment professional.
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