Virax/Prescient rookie chairman Steven Engle seems on an escalator. But is he at the bottom…or at the top?
VHL's share price/market cap has fallen, fallen, fallen since ex-Chair Dr Wayne Millen first announced on St Patricks Day the acquisition of Pathfinder Oncology from Paul Hopper.
Millen may have thought the Hopper deal could puff oxygen into VHL's lungs, lungs since deflated by Novartis saying no to exercising Transgene's option over VHL's NSCLC drug.
On the contrary, it would seem Hopper - or the Hopper deal - has sucked rather than puffed.
But is Paul Hopper to blame?
It's the VHL leadership and shareholders who've made pro-Hopper decisions that
have drained air from the company's lungs, humbled the cap to a modest $5.25m.
Against this background, I believe Engle's decision to say yes to what would appear to be Hopper's request/demand for a doubled directorial stipend is quite inappropriate.
Engle could have/should have said this to Hopper: "Paul, you get $180k only when your
contributions propel our MC to levels double what they were when you joined on the board on May 31".
"Til then, mate, make do with $90k - and the proceeds/profits from us buying you out of Pathway and AKTivate.
"And if this is unacceptable, Paul, ponder the option of going…going and spending more time heading the Boards of our listed biotech rivals, Imugene and Viralytics."
Question for Chairman Engle: Who's leading Prescient, Steven? Is it you…or Paul Hopper?
VHL Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
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