Originally posted by resourced
After the utterly disgraceful conduct of accepting their ASX-announced appointment as "commercial advisor" to sift through all the offers we were to be inundated with after the "successful" trial, then after bolstering the SP via their appointment, using the opportunity to unload shares big-time before the trial results were announced, the latest antics of Taylor Collison do not surprise me in the least. It is totally outrageous banditry
If TC advised the Board that the placement was in the best interests of shareholders, notwithstanding that it is well-settled law that directors cannot use their powers to issue shares to preserve their positions or to prefer one group of shareholders over another, then they gave negligent advice and any costs incurred before the panel should be recovered from them. Likewise, the directors should cough up - why the hell should shareholders continue to have to pay up for the ill-advised actions of this incompetent board.
I’ve done a bit of research into the newcomers, but what is available on the internet is not enough. Does anyone know of the new team? Are they ethical? Do they practice sound business practice? By forcing the retraction of the placement it seems that they are comfortable with fairly aggressive business practices.
Im for the “old” team. I sympathise with those that unfortunately lost a lot of money, but maintain that management ran a well structured, well planned clinical trial and acted ethically throughout (including the responsible winding down of the programs post-trial).
