It has been about two weeks since the announcement of the coming June ASM, called for because NEOM management needs to get shareholders' formal approval to increase the authorized share limit from 1 billion to 5 billion. This increase is not just extraordinarily large, it is questionably large. Why do they need such a high level at 5 billion?
One only needs to go back to the current 1 billion authorized level, simply analyse how NEOM management managed to "Squander" away this 1 billion shares, with 600 plus million already issued and the balance 300plus million already committed for use. Who has been the main beneficiaries of the vast number of shares? The two main beneficiaries making money from the issue of these large number of shares are Cornell from the warrants and other financial instruments, and NEOM management from the millions of options feely awarded (IMO they did not earn it or deserve it, based on their poor performance). Where is the benefit to the retail shareholders (that is us)?
So, why is management asking for another 4 billion shares to be authorized? How do they plan to consume this 4 billion shares? Who is going to benefit from this 4 billion shares? I think this a a rhetorical question.
NEOM has such tremendous potential from its IP. but what have they done about it? NEOM seems to be always waiting for someone else to "do the heavy lifting" and not lifting a finger themselves. What an excuse! If they do not start using their fingers, very soon they will be danger of losing the capability to use their arms because of non-usage. NEOM's vision is great, but with the long passage of time, the vision seems to have developed cataract and glaucoma. I just hope blindness does not set in. Maybe it is we, the long time "strong and long" in NEOM who are blind. I just hope not.
It is such a pity to see a company like NEOM with such tremendous potential going to waste at present. I hope NEOM management starts to move its blooming ar-- and do what is needed to realise the full potential of the company instead of being milked by Cornell and also feeding themselves only. They have to start earning their share options instead of continuing to freely self-ward themselves to the millions of options at other shareholders expense.
I do not grudge anyone their share options, but they have to earn it to deserve it. The quantum of the awards needs to be reviewed. Are they excessive? Is that why we run out of authorized shares so easily?
What results do we have from the PaperClick business?
What happended to WR?
What happended to the Keyword auction supposedly to take place in jan 2006?
What happened to the tie-up with FCB and Arnold Worldwide?
What NMPR business has been brought in from the various distribuors/representatives appointe in the various regions of the world?
What does NEOM plan to do with the acquired companies and what have they done up to now?
So far I have not heard nor seen any positive results, only disappointment after disappointment.
If anyone thinks I am bashing NEOM management, you are correct. They need a bashing. As`they say with children, "Spare the rod and spoil the child". For companies, "Spare the criticism and ruin the company"
Andrew138
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