RE:RE:RE:This is why i love this board The first question about what happens now, zwerp2000, is who will be in charge of what happens now?
You say that "Presumably the company shopped their platform around..."
I'm not sure that they shopped it around in the way most of us think it should be shopped around.
Here's the problem. Either xB3 works and is worth a lot, or it does not work and is essentially worthless.
If it's worthless then why did LT and The Placee acquire 75% of Bioasis and Midatech (Biodexa)? Why did The Placee buy 514 million shares and prepaid warrants? How were those warrants to be played? Very enticing if he offered to cancel them for a little xB3 stuff.
What did LT and The Placee want?
I contend it was xB3 and if The Big Boys want it, so should Bioasis shareholders. So why did Rathjen not get that? As I asked the other day, was she hornswoggled or did she arrange exactly what she wanted?
So, within your meaning of "shopped," did she really shop the platform around?
But more to the point, should she be allowed to try to do this again? xB3 is still there. The need for drug transport across the BBB is still there. The pharmaceutical industry understands the opportunity. Denali illustrates the value of BBB transport. What's the problem?
There is business to be done and Rathjen either can't do it, won't do it, or the industry doesn't want to deal with her. It doesn't make any difference which one is.true.The first thing to do is for shareholders to make a good decision about Bioasis leadership. That's it. That's the first thing.
By March 11, 2023, it will be four years with DrDR in exclusive charge of Bioasis as CEO and executive chair. On March 21, 2023, it will be five years with Rathjen as board chair. Just over a week later, on April Fools Day, it will be 15 years since the press release went out that the TSXV had approved the capital pool's qualifying transaction, the vending of Bioasis into the capital pool. Then, 15 years of nothing, one third of that with Rathjen in charge as board chair and/or CEO.
How much failure is allowed? How many chances should be offered?
Get a new CEO and a mostly new BoD, move Bioasis back to Canada and restart it. Who has the heart and desire to start the process, to supervise the hiring of a new CEO and the wisdom to choose good board members? The right CEO probably already has a good job.
Maybe it could be Mark Day, but this time he has to raise the new funding. It can't be done for him, I don't think. Can he do that? Is he willing to do that? He knows Bioasis well enough to do some of these things. John Hemeon is the only director with any real ownership of Bioasis. He's well proven in business. I would support him if he wants. Maybe he should be board chair. We don't want a mess like we started with in 2017. Maybe Hemeon has the chops to help pick serious and capable board members. Saltarelli? I don't think so. If he hadn't been included in the Biodexa board, maybe, but he's too close to the failure for my liking.
There is enough time remaining for shareholders to vote, or to change their vote. Has Rathjen started today to fix things? I hope so but if she's waiting to see how the AGM will go, then that's another reason to vote her out.
Should Bioasis postpone the AGM? The meeting must be held within 15 months of the last AGM. That date is March 16, 2023, 41 days after the current AGM date of February 3, 2023.
That's all. That's enough from me. I leave it to you. You have choices.
jd