I'm not sure if I've ever seen such a picture of disarray and hopeless business prospects as CRS and yet the new money keeps coming.
Disarray? Get this. In the 2012 Management Information Circular it states in the first paragraph that the upcoming AGM will be on June 26, 2011. Later it gives the record date as May 22, 2011. Wrong year. So this company was so messed up and demoralized that no one did even a simple proof read of the opening paragraph of the MIC.
CRS has been a director-eating machine. Since the IPO in 2008, 10 directors have left or received the boot, including all of the original six.
Okay, so that's in the past. What about today? Well, I have to admit, in Dr. Lu they have a pretty impressive new director. That said, his voluminous research seems all over the map relative to CRS's market. I mean if CRS were getting into OLEDs and Dr. Lu was inclined to hand over his best work to CRS then I suppose there might be something here. But I somehow doubt that's in the cards. Regardless, I'm sure Philips and Cree have some pretty decent tech people themselves. In the mean time, Dr. Lu is so focused on his job at CRS that he hasn't yet gotten around to doing his initial report on SEDI. Not to worry. The maximum fine is only $1,000 and CRS will have no problem paying that once it gets its hands on Jennifer's $3 million.
Here's an idea. If, after a while, CRS gets tired of competing directly with Philips and Cree in LEDs, it could, perhaps, with help of Dr. Lu and more money from Hong Kong, produce its own smart phone and go head-to-head with Apple and Samsung.