Questions to ask management : should have been at the AGMThe trues questions to ask were:
Who will run the company post Claude Mc Master who has announced his retirement?
Is this retirement firm or just a possibility or firm? Is Sebastien Mailhot a shoo-in as the next CEO or will they be seeking someone from the outside?
Has the company started looking at strategic alternatives, including selling the company? If not, what is the strategic vision? where is D-BOX going? How much cash will this require and what is the target capital structure?
How does the company intend to grow with limited cash in the bank account, no real cash flow (although slightly positive, so forget about bankruptcy) and no real opportunity of adding debt to the balance sheet? (without major risk or enough cash-flow to support).
How does the Board intend to operate with 6 members (5 independents) only and barely enough to have the required number of independents on key committees? What type of candidates are the seeking?
How is the implementation of IFRS 16 going? This is a huge undertaking as per their MD&A, and enough to push a CFO out if he is going to hit a wall (IFRS 16 overhauls the whole way you must report about leases), this is huge for many issuers.
Why did the CFO leave? Are there any plans to replace him? What type of candidate, a bane-counter, or someone with a strategic vision? (M&A and capital markets)
How is current political environment affecting their relationship with China?
By the way at 85% vote for all sends a message. An institution most likely has sent a message, and not many out there that have very large blocks; CDPQ or Fidelity maybe, not a good sign.