Yes fellow investors the Great SWINDLE of shareholders continues here on the rotten ship VERNALIS! Another massive 40% stock dilution is being underwritten once again by Piperjaffray who stand to line their pockets with another hefty chunk of change [your change]. After the recent massive dilution and stock consolidation one has to ask how this lot of Bums have the bare faced cheek to once again tap shareholders for their hard earned money? Hardfaced doesn’t come into it!
The missives coming out of Vernalis HQ tell us all that the company will now be debt free what a fantastic business model! A shining example of snake oil management how to reduce DEBT run up by a Board, pocketing millions of pounds in salaries, expenses and share options. Yes lets get the begging bowl out yet again. Any halfwit can run a company debt free with this business model!!!!!
We’ll use part of the proceeds to buy back the rights WE sold to Paul Capital Healthcare the Board tout. What a piece of financial wizardery this is!
O’ for the good old days of professional corporate governance…… A time when companies actually made products…. A time when dividends were paid….. A time when stock rose on management profit forecasts.
Instead we get the ROTTEN ship Vernalis captained by the recently parachuted in Ian Garland whose answer to driving the business forward is? Wait for it….. Offer a one for one 40% share dilution for a second time with a veiled threat of delisting and heading for the AIM market if PI’s don’t take up their offering.
Yes Ian a fantastic piece of financial Blackmail there! When will you learn that Vernalis investors are sick to their stomachs with the likes of you constantly diluting their stock while the Board get fat and richer pocketing their money?
Rise up Vernalis Lions and vote it DOWN!
How long before yet another placing? Well read the prospectus section B/1 ” The group may require further funding sic Not less than 12 months from the publication of this document!!!!
A piece of free financial advice here DITCH THIS STOCK as soon as possible.
There are investments out there that will in time pay a return. The ROTTEN SHIP VERNALIS is not one of them.