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CloudTag – Some great news, Amit Ben-Haim is all yours now

By Cynical Bear | Sunday 14 May 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.

Having punched a bit under the belt yesterday with a dig at potential insolvency at the UK subsidiary, I thought I would bring some great news to CloudTag (CTAG) shareholders. Amit Ben-Haim appears to have seen the error of his ways and ditched all other directorships so that he can now solely focus on generating shareholder value at CloudTag. Can’t think of any other explanation….

When looking at Amit’s resignation from CT Technology Services yesterday, I couldn’t help but look at how his other directorships were going as it had been noted previously that he seemed to have a lot going on. Well not any more.

I note he resigned as a director of both Aeristech Control Technologies Limited and Aeristech Limited on 2 May 2017.

I also note that he resigned as a director of Kobus Service Limited on 28 April 2017.

It appears from the face of Companies House that his sole remaining directorship of another company, ignoring his own corporate finance business, is Fertility Focus. He was trumpeted as joining as a director and Chairman in December 2015; however, if one turns to the Board of Directors page on Fertility Focus’s website, it appears that Steve Godber is now Chairman and Amit is nowhere to be seen. Trust that filing will be reaching Companies House any day now then.

I’m guessing that what has happened here is that once CloudTag went private and Amit realised the enormity of the challenge ahead, he turned to each of these respective companies and said something along the following lines:

“Guys, it’s been an absolute pleasure being on your Board and I have no doubt that I have helped generate significant value and am certain that I have helped you all grow as individuals but I’m afraid I am needed elsewhere. The sign of the bat has gone up above the Cayman Islands and CloudTag needs every ounce of effort and support I can muster, so I better go.

Please stop crying, you’ll be fine… long”

I guess if I’m really pushed I could think of one or two other ways it might have played out a bit differently, although only a dreadful cynic would think along these lines; it could have been that the respective Boards approached Amit and said:

“Er, can we have a word, Amit?”

“I’m afraid that we’ve noticed the sorry CloudTag tale and have been approached by a number of our shareholders, customers and suppliers asking us whether we are clinically insane in having you as a Board member and so you’re going to have to go.

Please stop crying, you’ll be fine… long”

There’s also a tiny possibility that Amit has been encouraged by regulatory bodies unknown to drop his various UK directorships but I guess that would be hoping for too much.

Either way, it’s good news right? Amit Ben-Haim can now focus solely on CloudTag and start delivering on some of the promises he has made over the years.

I am sure it is good news although it reminds me a bit of the ending of my young daughter’s favourite Charlie and Lola books at the moment. The one which ends with Charlie being ill at and Lola, his younger and troublesome sister says:

“Don’t worry Charlie because I’m going to be here every minute of all day until you’re completely absolutely better!”

Charlie responds: “Every minute of all day……Muuummm!”

Wouldn’t surprise me if few CloudTag shareholders have had a similar reaction to the news.

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