By Cynical Bear | Friday 6 January 2017
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I surprised myself to note that I haven’t commented on the quality outfit, Boxhill Technologies (BOX), in over two months so thought I should start the New Year by asking the question that must be on every investor’s lips: when is the new CEO going to start and who the hell is it? Surely the company's not struggling to find a suitable mug / candidate?
The last CEO, Phil Jackson, stepped down on 20 May with Lord Razzall stepping into the role of Executive Chairman, although Phil stayed in the business and no-one would actually be surprised if he was still pulling all the strings.
In that May announcement, Boxhill stated:
“Lord Razzall will temporarily hold the position of Executive Chairman while the Company seeks a new Chief Executive to help build the next stage of Boxhill's development.”
“Temporarily” you say, well, it’s now 2017.
Not sure what the OED definition of “temporarily” actually is, but I guess it’s all relative. The seven months that have passed are a mere blink of an eye in the context of the time elapsed since the Big Bang. Perhaps that is always the AIM benchmark when timings are mentioned. I’m thinking in particular of all the companies that are going to issue announcements / prospectuses or return from suspension “imminently”!
Anyway, more recently, in the interims released at the end of September, Lord Razzall stated that: “we are continuing to look for a new CEO and will update as and when appropriate.”
More than three months on and no update has been forthcoming. What could possibly be holding you back from hiring such a critical role? Surely people aren’t put off by all the red flags or perhaps they have raised some of the questions I posed last year and have been unimpressed with the answers? I guess it’s not particularly career-enhancing to be linked to a company with strong links to a convicted fraudster and with numerous strange related party transactions and dodgy looking share dealings.
Come on Lord Razzall, throw poor investors a bone. We’re waiting expectantly.
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