I worked for 11 years as a technician at ConvaTec Deeside many years ago when ConvaTec was a division of Bristol-Myers Squibb. I was a whistle-blower, though there were other scenarios in play. Shortly after I blew the whistle there was a restructuring followed by redundancies. The restructuring was overseen by a member of management with no HR experience who had assured a Quality of Working Life Group rep. I would be dealt with following a complaint she made to him about me. The truth is I had as many issues with him as he had with me, mostly in relation to compliance. After leaving ConvaTec I aired my views on the Internet about wrong-doing at Deeside. ConvaTec's solicitors responded with a requirement for me to sign an undertaking not to criticise ConvaTec, or face prosecution; there was no requirement to stay quiet about the undertaking itself. I believe that to be a huge mistake on the part of Eversheds, ConvaTec's solicitors, formerly my solicitors on the matter of my claimed constructive dismissal from ConvaTec. Yes, you're reading that correctly. I had previously taken ConvaTec to an employment Tribunal and lost. There was interference in the judicial process. What followed can be best described as a full-blown cover up which included criminality on the part of the UK/US authorities - at the time Tony Blair was PM with Jack Straw Home Secretary - thankfully I didn't suffer the same fate as Dr David Kelly. The US agent involved later took up employment with Bristol-Myers. I am not criticising ConvaTec; I am criticising the undertaking (gag). I tried to have the undertaking lifted in 2011, 10 years after the events, but ConvaTec refused. Hardly surprising as the person who oversaw the restructuring was by this time heading up the promotional ladder despite the questions over lack of compliance in his department. By his own admission, he was responsible for the culture initially at Deeside and latterly globally. There is one truism worth stating: ConvaTec put greater reliance on freemasons when recruiting or promoting than in talented individuals, much to the detriment of the management team effectiveness. I don't know whether that is true today, it certainly was when I was there. What is relevant in 2017 is that the gag is still operative and with gags in place, historical or otherwise, how can a potential investors take a balanced and rational view on whether or not to invest in a company? I personally wouldn't touch ConvaTec shares with a shitty stick, purely on the basis there may be other gags in place and who knows what's lurking out there waiting to surface. The above is only my experience and my opinion, not a recommendation to either buy or sell shares in ConvaTec.
16th October 2017: ConvaTec share price plunges. Forget the shitty stick. Greed is a terrible thing. Just bought ConvaTec shares in at below 220p - got to be cheap. Let's hope there aren't any gags hiding more bad news!!
5th November 2017: Well that was a mistake buying ConvaTec. You’ve got to admire Bristol-Myers for making a sow’s ear look like a silk purse and ConvaTec’s next owners kidding investors too - will legal action follow? ConvaTec’s IPO will be the subject of business school classes for years to come; disclosure may even get a mention. I guess it proves correct the old adage, every silver lining has a cloud.
16th October 2017: ConvaTec share price plunges. Forget the shitty stick. Greed is a terrible thing. Just bought ConvaTec shares in at below 220p - got to be cheap. Let's hope there aren't any gags hiding more bad news!!
5th November 2017: Well that was a mistake buying ConvaTec. You’ve got to admire Bristol-Myers for making a sow’s ear look like a silk purse and ConvaTec’s next owners kidding investors too - will legal action follow? ConvaTec’s IPO will be the subject of business school classes for years to come; disclosure may even get a mention. I guess it proves correct the old adage, every silver lining has a cloud.