The wheels have come off over at ViaLogy of that there is no doubt. The latest epistle/s tell us all that ViaLogy proposes a”Restructuring and spinout” Yes that’s great. Shareholders get 75% of a private US company that hasn’t got a penny in its accounts. It’s unfunded!
The simple facts of the matter are that ViaLogy’s QuantumRD software, which provides seismic data analysis to more accurately detect and de-risk oil and gas deposits for global clients. Does not bring home the bacon. If it did then ViaLogy would not be in constant need of life saving cash transfusions or indeed emergency restructuring. Executive Chairman Terence Bond has monumentally failed to deliver. Bond has been at the Vialogy helm (VIY) since its launch.
Last year the company recorded another thumping loss while Terence trousered a pay packet of £181,000 even though the company also has a CEO and a CTO. This in itself is shocking. But it is testament to the way Bond has no regard whatsoever for UK Shareholders.
The Vialogy business model and plan has failed. Terence needs to hold his hands up and do the honourables. He is responsible.
It is a wider principle for AIM. Directors justify big salaries on AIM by saying it is a risky job being an AIM director if things go tits up you get fired etc. The trouble is that failures like Terence do not get fired. They just carry on sucking at the corporate nipple until the soreness becomes unbearable. I may trek down to London for the EGM to give Terence a bit of a hard time, as the well respected City of London financial journalist Mr T. Winnifrith did at the AGM.
One thing I have been wondering is about expenses. Might Terence care to reveal what his expense claims have been for the past five years. Perhaps he could do his sums and have the answer for me by the 29th?
As a fully paid up share-holder I think it’s about time I gave Mr Bond a few words of advice. YOU have lead UK Shareholders a merry dance for years. YOU have been caught out telling lies. YOU floated the company, YOU are responsible for its wholesale failure. YOU have been trousering £100,000s of pounds while refusing to take part in your own placings! (Shocking). YOU are of no use to Vialogy and have been a cash drain for years. The game is up. Should YOU refuse to step down then myself and Tom Winnifrith in conjunction with the ViaLogy shareholder action group will force another EGM. YOU have been warned.