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RJ to be Removed!!!!!!

Discussion in 'Parnell Veterinary Pharmaceuticals' started by anonymous, Nov 21, 2017 at 8:11 PM.

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  1. anonymous

    anonymous Guest

    Real nice. Maybe RJ will include you in his next venture. Cut from the same cloth. And btw...not a female. Good try though.
     

  2. anonymous

    anonymous Guest

    10 days...
     
  3. anonymous

    anonymous Guest

    Did anyone else get an email from RJ asking to vote on his behalf? Part of his plan is to completely shut down US operations.
     
  4. anonymous

    anonymous Guest

    Notice to Shareholders of Parnell Pharmaceuticals Holdings Ltd regarding Extraordinary General Meeting called for December 29, 2017. From Company Director, Robert Joseph: 1. In the last 12 months, Company executives have pursued multiple deals, the most important, and the most desirable, of which are: (a) Zydax for human use (being the licensing of the Zydax patent rights to interested human pharmaceutical companies). This deal would result in the Company receiving several million dollars in upfront and milestone payments, and potentially tens of millions of dollars in royalties for a period of up to twenty years if Zydax is approved as a generic of an existing human drug, Elmiron® in the USA. (b) The second deal involves the Company turning over the commercial distribution for its Reproductive Hormones in the US and other countries to interested multi-national veterinary pharmaceutical companies. The Company in return would receive a multi-million dollar upfront payment, and would continue to manufacture the hormone products thereby generating a gross profit that would be at least equivalent to that currently being earned from this business unit. Most significantly, the deal would enable the Company to eliminate the cost of its US operations, which are presently estimated to be costing $6 million per annum. This deal may also result in the future outright sale of the hormone assets potentially delivering tens of millions of dollars. 2. These two deals have now been negotiated, and are ready for acceptance. In doing so, the Company would essentially become a specialty contract manufacturing company with potential for signifcant revenue growth. This restructure would also increase profits by millions of dollars each year providing a pathway for the Company to pay out its current debt which starts to amortise in the first quarter of 2019. The Company may then be in a position to commence paying substantial dividends to its shareholders. Furthermore, given the significant reduction in the size of the Company if the two deals are consummated, I have already indicated that if it was in the best interests of shareholders, I would be more than happy to step down as CEO to enable cost savings. I have however also stated my belief that the desired growth of the contract manufacturing business is likely to be beyond the capacity of Brad McCarthy acting as COO of Manufacturing in this pursuit. 3. In September 2017, my fellow directors Alan Bell and Brad McCarthy, abruptly informed me of their preferred strategy which was to leave the Company (and therefore its current shareholders) owning only the Zydax asset, and to split off the Company’s remaining assets (Reproductive Hormones and Manufacturing Facility) to a new company, which would be owned only by them, for virtually no consideration (they suggested their new Company would take on Parnell's current debt obligations). I firmly rejected their proposal as being clearly detrimental to shareholders’ interests. 4. Since my dispute arose with Mr Bell and Mr McCarthy they are now stating to employees that they wish to take the risk of continuing to commercialise the Company's products in the USA (requiring an increase in expenditure). However, they have given no indication as to how they would realistically achieve this and have refused to release any financial information to shareholders about the performance of the Company; such releases having been customary practice each quarter since the Company's IPO. Of equal concern is the fact that they have also continually sought to withold information from me as a Director, and to obstruct me from undertaking my legal obligations. 5. I have sought to resolve this dispute privately, and in the best interests of all stakeholders for two months but to no avail. It has now become a public matter as a result of Mr Bell's decision to announce a shareholders meeting. I am therefore compelled to provide shareholders with complete information to enable an informed choice when voting at the upcoming meeting. 6. My strategy for the Company involves accepting the two pending deals, closing US Operations to make substantial cost savings, and seeking to grow the Contract Manufacturing Operations. 7. The response from my fellow directors was to attempt to remove me as a director and CEO of the Company. Many of the steps taken by them are likely to be invalid as they have involved breaches of one or more of; the Australian Corporations Act, the Company constitution (the equivalent of US articles of association), and the Bondholders Agreement (which governs the Company’s relation with its debt holders). 8. Mr Bell and Mr McCarthy have articulated no clear alternative strategy for the Company, other than to split it, or continue to invest in the current, loss making business model. I believe that the above mentioned deals are needed to see shareholders rewarded in the short term, and to enable the Company to pay off its debts. Also, I see the company split envisaged by Mr Bell and Mr McCarthy as extremely harmful to shareholder interests. 9. I believe urgent change is needed to the Company's corporate governance structure through the appointment of three or more, fully independent directors to ensure Bell and McCarthy cannot unilaterally act in a manner that is not in the best interests of shareholders. If you vote AGAINST the resolution and retain me as a director, I shall be in a position to press for the acceptance of the two deals, and call a general meeting to resolve on the removal of Mr Bell as a director, and the appointment of three independent directors. You received documents in the mail from your brokerage firm that explain how to direct them to vote your shares (For or Against). You can make your election on how to vote your shares online at www.proxyvote.com. You will need your Control Number which is specified on the documents you received from your broker. You can vote or change your vote anytime until the day before the meeting. For further information my email address is: rtjoseph@bigpond.com Regards, Robert Joseph Director
     
  5. anonymous

    anonymous Guest

    There’s a bridge I’d like to sell you, too.
     
  6. anonymous

    anonymous Guest

    Wow. RJ is so pathetic. To think the dumpster fire couldn’t get any worse.
     
  7. anonymous

    anonymous Guest

    Tomorrow is the big day, RJ!
     
  8. anonymous

    anonymous Guest

    So what was the final verdict? RJ in or out?
     
  9. anonymous

    anonymous Guest

    in
     
  10. anonymous

    anonymous Guest

    out
     
  11. anonymous

    anonymous Guest

    shake it all about
     
  12. anonymous

    anonymous Guest

    RJ is officially gone! Hit the road pal. Karma is a MF, you Aussie f@$-! Now... what will Fat E do now that he’s gone? Now let’s see what the courts do to his sorry @ss!
     
  13. anonymous

    anonymous Guest

    Listen, I was never a fan of RJ either but you are just a rude person ....no need to be insulting people, totally unnecessary!
     
  14. anonymous

    anonymous Guest

    wow and you wonder why you got fired in the first round? let it go.
     
  15. anonymous

    anonymous Guest

    Dibs on the shuffleboard table.
     
  16. anonymous

    anonymous Guest

    dibs on EV
     
  17. anonymous

    anonymous Guest

    It’s just part of the culture. And that’s not changing.
     
  18. anonymous

    anonymous Guest

    He bought her a company to run into the ground. Then left in the middle of the night back to Australia.
     
  19. anonymous

    anonymous Guest

    what about the milfs?
     
  20. anonymous

    anonymous Guest

    Anyone still around?