Verdi AgiTech Files Amended 2021 Q1 statements and reamendedHello fellow Verde shareholders.
I thought it would be appropriate for me to share with you a copy of the email I just sent to the Verde Independent Lead Director - a role required at Verde because the Chirman of the Board position has been taken by the CEO is also a 20% shareholder and so not in a position to independently represent the interests of other shareholders as required of a true fiduciary uner UK companies law and Canadian securities regulations.
Dear Mr. St. Aldwyn.
Given the announcement made after the market closed on Friday, and in light of the repeated, detailed and accurate questions I have submitted to the Company for which I have received no response, as our duly appointed Independent Lead Director can I please ask, respectfully, for you immediately take control of this continuing shareholder relationship disaster?
If you cannot do so, or do not plan on taking any steps to bring this chaotic situation under control, would you please have the common decency to resign from this critical position and so allow some other independent Board member to assume the critical and in Verde's case with the CEO named as the Board Chair, essential ILD role. We, the remaining 80% shareholder owners of the firm, need a strong and experienced fiduciary who can effectively deal with a CEO and CFO who are clearly not up to the fundamental roles for which they have been retained and significantly (over) compensated.
As you have no doubt been informed, I will be in direct contact with David Thompson, the Senior Statutory Auditor at PKF Littlejohn LLP, or his designate on the Verde Audit to provide a detailed third party assessment of the reporting issues that have unfolded at Verde this year. I will also bring to his attention a number of areas of growing financial risk in the management of our Company, and having duly informed him of these risks, seek his assurance that the 2021 audit plan will be amended to include a systematic and comprehensive review of all these areas of concern. This will provide assurance that a clean audit opinion issued by his firm will have been made after due consideration has been taken of the potential for material misstatements within the Verde financial statements. Investors who rely on the anticipated clean opinion for the 2021 statements would then have legal recourse against the auditors if it is subsequently discovered that such material errors in the areas identified in my letter did indeed exist and had not been captured by the audit procedures adopted by PFK.
While I have requested an immediate acknowledgement of my efforts to contact you in each of my prior communications to you, Mr. Veloso and Investor Relations, I have been without a response from any of you since the end of May 2021. With no expectation that a reply will be forthcoming, I will ask again for you to do so in response to this latest attempt to share my concerns with you.
Your sincerely,
S