Compassionate step, allowing Mrs. Whelan to retire and a great step forward appointing Dr. Staelin as Chairman. Impeccable credentials, experience, wisdom, and has been a key player in BIEL's regulatory advances, since resigning from the BoD in 2017 just before FDA cleared ActiPatch for the foot and knee. Welcome back Dr. Staelin!
Restructuring a management team, employee morale and wrestling a company to profitability is all about making deals and improving the perception of management by investors. Then comes creating a successful Brand.
Adding new Directors and restructuring the IBEX debt are also required major steps, hopefully before any deals are announced. Timing and sequence of restructuring events are more critical elements than most know.
Smaller Convertible debt lenders injected 'real dollars', no smoke and mirrors. IBEX did not, the source of much scorn, for many years. But, by converting the IBEX debt to a more conventional loan structure will enhance market perception, by removing the burden of many billions of shares being issued, on conversion.
It also means debt could be immediately restructured so that IBEX could be repaid some amount, to be negotiated, at some point during profitable times, but behind other lenders, now in place. Then no one could accuse the current CEO, KK Whelan of self-serving greed or ignorance of her respecting Fiduciary Duty. Improving the image big time.
This is so simple and it is great to see her starting to make smart moves, wise moves. The appointment of a highly respected new Chairman is a great beginning that strengthens the BIEL team. Now, by increasing the horsepower of the BoD further and restructuring the IBEX debt will make the new CEO a hero in the eyes of many.
Then announcing substantial deals, they must be working on quietly, will complete BIEL's restructuring and rise from the toilet, where it and shareholders have been languishing for years. Great renaissance story - toilet to profitability in a year or so. Wow!
