You sound like you are management or even a director!
Here's the rub.
A number of our directors have been involved with this company from Gradipore, through Life Therapeutics and now NuSep.
They are overpaid when compared with most start ups and this company is still in start up mode.
In addition to being overpaid they also take bonuses from book values even while the shareholder value plummets.
It is obvious from the auditor comments that some very sloppy accounting has taken place. These directors are not new and should be more aware of their responsibilities than they have shown.
Complete disregard to accounting procedures even as blatant as showing options being taken up when they hadn't been. Money/funds is not taken into account on a promise - only when it is in the bank!
Some of the directors say they have a lot of funds invested in the company BUT they are getting their money back through inflated salaries and bonuses.
At the last AGM there was a group of shareholders trying to get onto the board of this company to ensure some more scrutiny was in place and to ensure that objectives were being met and that correct reporting was taking place.
They almost succeeded but the board stymied the rest of us shareholders and put their own buddies in place. One of these resigned not long after, no doubt as he was not comfortable with what he saw.
One thing that did occur was that there were more than 25% of shareholders voted against the remuneration. That in itself is good for if that occurs at the next AGM there has to be a further meeting and the directors will need to all reapply for their roles. (something to that effect!)
In relation to the 'faded attachment' from the current auditors - they played that game last year also with the letter from the major shareholders that were trying to get some order into this company.
They appear to have good products but there is also too much swanning around and too many excuses.
One of the problems with the HC forum is that there are very few NSP shareholders who seem to follow the company here.
I for one will be voting AGAINST CHANGING THE AUDITORS. We need to have people looking over these directors shoulders to ensure that we as shareholders and owners of this company are being properly looked after.
The directors need to step up to the plate in this environment, return their recent bonuses and take a pay cut until such time as runs are on the board.
That means a healthy profitably operating company.
Vote AGAINST for the removal of the current auditors.
Regards
MEM Price at posting:
3.5¢ Sentiment: Hold Disclosure: Held
