Today's (Monday) announcement /newsletter should help to instill confidence in the actions of the Board.
With three new independent directors joining the Board there should be no fears of the executive management having majorities. Even though Board refreshment was flagged at the last AGM it is to be hoped that these three were not selected in haste merely in response to the rumblings and concrete proposals put forward by other shareholders. It would be reasonable to suppose that pressure from these shareholders did precipitate the decisive action at this time. An enlarged board should also provide a greater breadth of expertise and a possible source of new ideas although company boards are not generally known for their innovative brainstorming exercises. Presumably an election for three board members will now be held at the upcoming AGM. The background description of each of the three named in the newsletter is very sparse but that one has some experience and understanding of Asian financial dealings and another have some familiarity with US markets should be of great import. More substantial professional histories will need to be forthcoming.
The statement that the Singapore HSA made a presentation and recommendation to the WHO that the PrIME process should be adopted by all third world countries is very meaningful. What better publicity government to government could we get? No doubt Singapore also hopes to get some spin off effect. It probably also guarantees that PrIME Biologics will be expedited past red tape at a reasonable pace. We really need this as it could take 3 years for the roll out and to receive final HSA approval. However, it is a game changing opportunity.
The news is good.
Juke
MEM Price at posting:
9.0¢ Sentiment: LT Buy Disclosure: Held
