CONFLICT OF INTEREST CONFLICT OF INTEREST
There are regulations regarding directors and CEOs disclosing their ownership stake in other entities, not to mention owning another entity, as it appears in this case, outright. The rationale for such a disclosure requirement is to ensure that there is no CONFLICT OF INTEREST, anywhere, no matter how small.
Perception is everything.
Given there is no mention of Gagnon's ownership of Prodev Pharma in any Ceapro publcly available documents that I have been able to find...
(1) Is Gilles Gagnon using "Consulting" fees paid by Ceapro to the benefit of PRODEV PHARMA?
(2) Is Gilles Gagnon devoting time to PRODEV PHARMA that he is representing he is devoting to Ceapro?
It may very well be that it is nothing... then why not disclose it? The lack of disclosure of Gagnon's ownership of Prodev Pharma smells.
The board is either ignorant to it (too trusting and has not asked the question) and failed from a competence perspective or aware of it and complicit.
Lastly, while Gagnon can spin the numbers with his nonsense, this is an issue for the regulators now - the OSC and TMX.