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More drama. Clarifications that seems to provide more ammo for the opposing shareholders. It was obvious that the update was directed at the open letter released by Ascapia Capital Private Limited. The CEO having to resign because of pre-existing illness aggravated by recent development in the company. I would laugh if a man's health isn't in peril.
SG Announcement: RESIGNATION OF CEO AND APPOINTMENT OF INTERIM CEO
SG Announcement: GENERAL UPDATE ANNOUNCEMENT
The problem with the new update is that while some of what the board is trying to explain is true, it does nothing to deflect criticisms that the acquisition was done in haste, without proper due diligence and worse of all, appears to be carried out to enrich associates of the controlling shareholder. And realistically, the issue of the company becoming a cash company really isn't that urgent as the update makes it out to be.
This was the single worse paragraph in the statement released: "In view of the foregoing, to question the bona fide of the Board’s decision based on the sole factor of the high multiple based on historical profits represented by the purchase consideration amount may be incomplete and misleading."
Be that as it may, the update does not adequately explain why Wayco deserved such high multiples. Have any of you heard of any of Wayco products namely “GoodLook” and “Glorin” line of hair products? If you goggled for it the packaging may look vaguely familiar but I doubt many used the products.
SG Announcement: RESIGNATION OF CEO AND APPOINTMENT OF INTERIM CEO
SG Announcement: GENERAL UPDATE ANNOUNCEMENT
The problem with the new update is that while some of what the board is trying to explain is true, it does nothing to deflect criticisms that the acquisition was done in haste, without proper due diligence and worse of all, appears to be carried out to enrich associates of the controlling shareholder. And realistically, the issue of the company becoming a cash company really isn't that urgent as the update makes it out to be.
This was the single worse paragraph in the statement released: "In view of the foregoing, to question the bona fide of the Board’s decision based on the sole factor of the high multiple based on historical profits represented by the purchase consideration amount may be incomplete and misleading."
Be that as it may, the update does not adequately explain why Wayco deserved such high multiples. Have any of you heard of any of Wayco products namely “GoodLook” and “Glorin” line of hair products? If you goggled for it the packaging may look vaguely familiar but I doubt many used the products.