BoyPlunger6 wrote: I would assume the company has had legal advicer prior to the termination, and is preparing the information for the circular for the meeting.
It'll be interesting to see what actually happened?
As for the termination of a founder, that's a non issue, the board can decide that.
I would imaging she had an employment contract in place and that's what was terminated.
What remains to be unknown is, was the termination for cause, or other reasons which may require a settlement on her behalf.
Removing her from the board is another issue, that depends on the company's articles in place.
If allowable, the board can remove another director, or would have to call a shareholders meeting, or wait for the AGM and not bring her up for re-election.
Ultimately, that's for the shareholders to decide.
The stock buy back is a foolish way to spend capital for a start up, I don't see any value in that.
If the management doesn't what what to do with the money, hire someone that does.
I can't imagine the underwriters were very impressed with that.
Even at current trading prices, the market cap is pushing $70 million, how does one justify that is my question?
JustCommonCents wrote: The public immediately needs and deserves to know why Penny Green was terminated. She is a founder. How do you terminate a founder !!! Too much nepotism here and an avalance of emotion steering this ship. I agree buying back stock with hard PP money is asinine !!!
Does anybody know if they fired Christina Rao as well. She and Penny are joined at the hip and CR has been a huge contributor to Glance's success to date.
I don't think the current independent directors are hands on enough. Clearly. Penny hired a pretty formidable group (Kingsdale Advisors) to represent her in this inevitable proxy battle. They are top notch.
This won't be sorted for a while. I know of a few very large shareholders who were in at 15. Like Zoca they have done well. This whole thing should not have been aired publicly. They should not have been so hasty to announce a termination. Nobody will throw more PP money at this situation right now and if they do it will probably be conditional on board seats being given to funding sources.
This is a corporate governance train wreck !!! Considering Penny Green is a securities lawyer and their CEO has a CFA. You would think they might be smart enough not to recklessly run this stock up to almost $4 from 15 cents in less than 3 months with no quantitative basis for such an rapidly inflated valuation. Then take in over $10M at $3. Way way too much money spent on promotion. It will be extremely difficult for this to ever get back to level for these duped $3 PP shareholders now shackled with this paper and no immediate liquidity. They need to be well advised right now and maximize the use of their treasury funds to create value.. Audited value !!! 132 million shares out. Lots of very very traumatized shareholders that bought in way way above $1.
Good luck GET team. Maybe Glance should also engage Kingsdale Advisors or someone to fix this corporate governance black hole and investor relations/confidence nightmare.
Read more at https://www.stockhouse.com/companies/bullboard?symbol=c.get&postid=27612497#ODzEUMlT4SsyBllF.99