AGM, BoD and CEO Many intelligent and relevant comments in the last 2 days. I would not equate looking at facts, past performance and critical thinking with cynicism.
what many of us are worried about is having the stock price plateau in the same range for the next 12 years as it did between 2009 and 2021. There were good reasons back then, but these are no longer valid since Dr. W presentation in Jan 2021. Back to what worries long term investors, did we just miss a window of opportunity to make a fantastic deal? We don't want our investments to be dead money for another 10 years. Unfortunately, this is what history shows.
BoD... presumably, Dr. W results were known by management and BoD prior to being announced. Why were discussions and deal strategy prepared ahead of time? It felt a bit reactive last winter. They should be questioned on this at the next AGM.
CEO... it is normal and even healthy to question if we have the right CEO for a given phase of a company's development. Product development vs. growth vs. consolidation vs. strategic deal. What we need right now is a deal maker and a closer. This is not a repudiation of Dr. T's past work. Merely a recognition of where we are now. If this is done well and the BoD launches a search for the right profile of replacement CEO, the share price will likely benefit. Dr. T would remain a an executive capacity on the research and clinical side. In any case, the company's present and future cannot rest solely on Dr. T's shoulders. At the very least, the BoD should be questioned on succession planning at the AGM.
AGM voting... when I receive the package, I am withholding all my votes. There is no harm done as all of these folks can be voted in at the AGM. Best case, withholding my votes makes a difference. Worse case, it sends a strong message.
Additional info... an acquaintance recently spoke with folks at Sernova.
- progress on patient 1 and other participants. No announcements due to alignment of clinical protocols with JDRF milestones for easier payments
- recruitment of key personnel... not through Sernova career website or job boards but rather via specialized recruitment firms
- valuation... apparently continues to be top of mind for management
cheers