Sack Geoff Horth and Vaughan Bowen from Vocus
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The merger of M2 and Vocus in Feb 2016 saw a substantial change to the board and management of what is now Vocus group. A few months later Vocus raised $652m at $7.55 per share, and for a brief time the share price hit 9.25 but within 6 months the share price began to tumble and has continued to do so.
2 board members proposed a CEO change back in Oct 16, and they subsequently left. Since then the M2 dominated board and management have run the business into the ground with the share price now languishing at $2.30 at the time of writing.
It paid a dividend it could not afford, it entered into a contract to build the ASC cable system at a cost USD $170m, without the balance sheet to support it and despite Horth publicly saying there is only demand for 1 Perth-Singapore cable and he wouldn't build it without customer commitments. Well, there is a 2nd cable and Vocus started building without customers. It now claims to have 4 customers but won't say what the upfront revenue is. The companies financial position hangs on the sale of the NZ business, and there is no sign on a plan B.
There has been a lot of talk of “transformation” and “integration” and 2 years on, nothing much has changed.
They wrote down $1.5B. They have downgraded earning's guidance 3 times. Bowen and Horth are too close, no other CEO would survive the damage that’s been done.
Investor presentations just get more and more confusing; Reported, Adjusted Pro forma, Constant FX, Subsequent Pro Forma, Subsequent Adjustments, etc.
Enough is enough!
Sign the petition to sack Bowen and Horth and bring in the right experience so the companies potential can be realised.
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