A stream of articles on this monstrous lie was followed by lunch with BigDish (DISH) founder Aidan Bishop and his PR spinner the Sith Lord Zak Mir here at the Welsh hovel. I urged the company to make a full apology and to make serious boardroom changes. It has gone only half way there. It is not enough to make the shares investable.
The Sith Lord spins thus: The Company notes press comment on its notification on 30 May 2019 where it stated that "The Company is funded to execute its strategy.” The Company acknowledges that this statement may have been interpreted to suggest it had sufficient funds to fully execute (i.e. complete) its strategy. The additional funds received by the Company on 6 June 2019 provided the Company with funds to accelerate the implementation of its strategy. The board acknowledges that the notification on 30 May 2019 should have been clearer and, with the benefit of hindsight, would have been better to have omitted the phrase altogether.
No! No! No! As the auditors report for the year end to March 31 released in late August makes clear, without the placing funds there is no way on earth that the company could have been regarded as a going concern such was the lack of net current assets and the scale of cashburn. The placing did not allow an acceleration of implementing a strategy which has now been completely changed anyway, it simply ensured that BigDish did not go bust. While I agree that it would have been better to omit that phase (which caused the shares to spike to 8p+), there is still no acknowledgement that it was a slam dunk lie - which it was. I suggest that Aidan and Zak consider the fate of those who paid 8p+on the back of that RNS. The shares are now 1.4p mid. More humble pie and a real mea culpa is needed. Guys you need to admit your statement was a lie and say sorry.
We are also told that the company “recognises the importance to adopt a high standard of corporate governance. It has therefore commissioned a review of its corporate governance processes and procedures. The Company intends to adopt an appropriate and recognised corporate governance code and make detailed disclosure on its website as to how it conforms with such a code. The Company believes it will benefit from having an Independent Non-Executive Director as part of the Board and is currently in discussions with its advisers regarding suitable candidates.” This is welcome but, as the company knows full well, it is not enough if it is to be taken seriously. Chairman Jonathan Morley-Kirk is a Non Executive but is – as that statement seems to admit – not independent. He is a good friend of Bishop and sits on the board of his other Standard Listed company. Someone other than the patsy ex-CEO needs to take the fall for the May 30 lie and I have told Bishop that Morley-Kirk must go ASAP. Merely adding another cost centre to the board (a truly independent NED) is not enough, the new NED must go in as chairman and Morley-Kirk must get the order of the boot. BigDish is making some of the right noises and starting to accept that it has sinned but until it goes the whole hog I am afraid that it remains uninvestable. Penitence is like pregnancy, not something you can half do.
Filed under: BigDish, Versarien, FinnCap, Dave Sefton, Anglo African Oil & Gas, Tungsten, Allied Minds
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