Thanks, spid, for pointing out that as MD, Craig McGuckin is able to continue as a director as long as he wants, without ever needing to face re-election. The two consultants (CM and PY) who make up the executive team, seem to have sorted a way to earn a pretty good wicket here. But as more of us have been finding out, their past performance in this and previous enterprises hardly supports the very large packages they have organised for themselves.
So, even if shareholders decided his performance was not up to scratch, and wanted to vote against CM as a director, they won't get the chance at the annual meeting. What would be the case if the remuneration report vote resulted in a second strike. Assuming a spill of the board might happen then - would he still remain as MD?
I agree with Yowie, that even if some sales happen soon, there must be many shareholders, especially those with larger holdings, that are getting pretty impatient with current management. There have just been too many delays and missed deadlines and opportunities. We really need management that has some qualifications and experience in the graphene space. The only person involved in the team at the moment who has any scientific understanding is Dr Andy Goodwin, and we haven't heard anything from him for quite a while.
Agree Idjut, that we sorely need change and injection of some proven success. The promise that FGR has held for several years now is sadly slipping away as others around the globe are making serious headway. University research is helpful, but if the company doesn't even have the capability of assessing the progress, especially when the research seems to drag on and on, shareholders get very wary of the huge incomes of those overseeing this continual drain on funds.
There is another option to remove directors, by means of a 249D notice, if 5% of shareholders decide to put a resolution forward to replace named directors. This does not need to wait for an annual meeting - it can be done at any time. Finding superior replacement directors would be the key - some proven performers that can see the possibilities of getting involved in the Graphene Revolution. There may be some short term delay in the progress of FGR (some might say "what progress"), maybe a short term effect on the share price, but new direction and new focussed, qualified management would soon fix that. It's just so sad to see the unique assets that FGR has, not being utilised to the full and steadily slipping behind competitors.
Among the 43% of unhappy shareholders at last November's annual meeting, there is quite likely a small group of large holders who could make up that 5%. Could be some hope there.
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Thanks, spid, for pointing out that as MD, Craig McGuckin is...
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