looking after himselfMc Rae was afraid the sale of the only money producing part would be vetoed by upset shareholders who are not thrilled by his astute leadership. This would jeopardize the continuation of Bioniche as an on going concern. It is a lot better to take your huge pension and bonus while the company is still afloat. The court system could tie things up for years, not to mention the expense. Better still even after he has secured his own future he has his board hire him back on as a " consultant". As it is implied; with animal health gone so is his field of "expertise" so we now require him for ??????Better to just keep one of the pigs on the farm.
4 months ago you could have bought this whole company for 80-100 million. 3x market is unheard of premium. Yeah I know it is upsetting but the numbers bantied around are dreams not reality. Will there be a dividend...doubt it.....They are setting you up to push the sale of animal health. Do a little calculation.... we all have been told that the market holds little value for our Urocidin as seen by our share price. It has been screwed up by everyone who got a shot at running trials. It was given back cheap We even sold rights for next to nothing so we don't even value it that much. So what will a Bioniche share be worth after animal health is gone . Not much divided by 100+million. We could still have a little cash but we also would have at the pretend helm pulling down a real executive salary our one and only 'Thank God" MISTER MC RAE. When the moneys gone he will turn out the lights and c lose the door while saying " I just don't understand, I did everything great and the market screwed us. At least it wasn't my fault. I'll let them take over from here...
GOOD LUCK TO ALL...Dusty