CDY Half-Yearly Analyses, page-51

The purpose of a corporation is to make money, generate returns and care for its stakeholders (shareholders, employees, customers, creditors, community; in the case of Cellmid in could be argued there is a duty of care to the health of a large section of the global population).

Shareholders are interested in company value and returns and are concerned about the price of shares they own. Therefore, the company should also care or face their day of reckoning.

The sustained share price fall, that even the leader of the Three Amigos has acknowledged as fact, destruction of shareholder wealth and decimated market cap warranted at least one response from the silent Board from the plethora available. That’s notwithstanding the mantra that the Board (with some exceptions) is not directly responsible for the market.

We now face potential catastrophic outcomes for all stakeholders.

By all accounts, including silence and apparent indifference on the share price, contrary to convention, our incumbent Board has dutylessly neglected the share price and in turn left us vulnerable to a potential imminent steal of the company by reason of the undervalued market cap.