RE:AGM reflected huge retail distribution & lack of "caring"Medipharm is not alone. Many small cap co.s rely on shareholder apathy to get things passed at meetings.
deadlock wrote: "There were 293 shareholders represented virtually or by proxy at the Meeting holding 56,374,684 common shares, representing 20.564%" - this number is bizarre. Where is everyone ? Even for board elections, approx. 38M shares or less than 14% of shares outstanding elected the board ??!!
Clearly the huge majority of paper has been distributed far and wide (including from the 2021 financing), but given the fact that ONLY 14% of shares outstanding cared enough to elect the BOD, over 200 million shares are in the hands of shareholders that didn't even care enough to influence the board or its direction.
I would love to see the actual (official) shareholder count but I suspect hundreds of shareholders exist that literally don't care about this investment and may have written it off. Simply waiting to see if it turns around.
Fortunately the company published a new corporate presentation in May 2022 and this was clearly a request of the new CEO. But prior to this, IR for LABS was nothing short of a joke - really for the past couple years. Going forward this CEO will need to actively bring this huge shareholder distribution back into the information fold. It is easier to retain existing shareholders and even encourage them to buy more stock, than it is to attract "new" investors.
But first they need to be in a financial turnaround position so they have something worth promoting. And this has yet to be proven - which is why Q3 numbers are very important.