RE:approval of at least 66-2/3 per cent of the votesIt's been another year of significant failures for Gilles and now he wants to sell out the company for less than liquidation value to a company he was the CEO of for over 10 years and recently rejoined as a board member for a $980K seat in 2020. In those tenures the share price of AEZS has fallen about 95 % and 96% respectively. After rejoining AEZS , a 1 for 25 share rollback occurred just one year after shares were issued at $1.45.
CZO has been touted as a derisked company with a base business to support it's pipeline. This is in stark contrast to a cash burning machine like AEZS. There is no synergy or true value for the merger, it is essentially a sale of the company to AEZS where Gilles will be CEO again with an overpaid salary while he sits at home in Sherbrooke. That is the common culture that both companies share, management works remotely.
If OATS and his group realizes that Gilles is a destroyer of shareholder value, they should realize that he needs to be stopped now. By now after being strung out for so many years, they should know that Gilles has no integrity and what spews out of his mouth is meaningless as can be seen by results that don't deliver.
A strong message needs to be sent with a NO vote to the merger and then even stronger at the AGM.