Mj Hudson Share Discussion Threads

[chrisdgb] 30/11/2022 10:09

This needs to be sold...........

[simon gordon] 01/11/2022 19:19

Exec Chairman is a Channel Island's resident like the CEO. The BoD is just a mates space. Audit might be worsening if the CFO has had to depart. Santander could be getting closer to being in charge than the weak willed major shareholders. The company needs a proper independent Chairman who can fire the CEO and clear the rest of the board, leaving the COO to run the day to day operation. By the week this is turning into a salvage situation rather than a growth opportunity.

Compare and contrast to ELIX who are now moving into ESG.

[horndean eagle] 01/11/2022 18:48

Be interesting to see terms of FD LTIP share. If hes going then I would guess he would have to give them up. Getting rid of Hudson might save the company millions as well. Have to think auditors are going to be really stringent on EBITDA numbers. They are clearly aware hefty conflict of interest at play and they could be left on hook if they sign off without doing thorough checks.

[c3479z] 01/11/2022 10:54

presumably the LTIP can't pay out any further given the auditor's insistence of revisions to the accounts?
Does that mean all further benefits under the LTIP will lapse?

[dr biotech] 01/11/2022 08:27

I see it as the current CFO falling on his sword for the current accounting debacle. As for “greater alignment of the group to investors and the city” more management double speak. It’s the LTIP that is the root of their issues.

[c3479z] 01/11/2022 07:39

put in Miller as executive chairman to dilute the influence of Hudson as CEO at the behest of the institutional holders?

[dr biotech] 19/10/2022 18:01

"Has your greedy LTIP lead to your aggressive accounting and overstating adjusted EBITDA and how much reputational damage has that caused" would be my first question. I think they will decline citing the interim release date and uncertainty over their figures.

[davidosh] 19/10/2022 16:39

I am going to invite them to this event to meet the shareholders/investors who will no doubt have lots of serious questions to ask. They presented on a virtual show but the share price has fallen 60% since then so lots to answer to the Mello community.

[horndean eagle] 17/10/2022 19:54

Cenkos did the same. I think they are all ready to wash their hands of the company. Monumental destruction of shareholder value since IPO and yet management believe they have done an amazing job putting out all these adjusted made up numbers for earnings. Good to see E+Y doing their job properly and holding them to account. Must have had some pressure from existing holders I would guess.

[dr biotech] 17/10/2022 15:57

Short note from progressive saying they are withdrawing guidance until scale of the issue is known.

[c3479z] 17/10/2022 15:27

would it be correct to surmise that 'only' 3.6m has been paid out under the LTIP so far and, as a result of the audit adjustments now being insisted upon by EY, no future payment is likely.
The money paid out should in all conscience be returned given the fact that the company raised at 30p only a few months ago on what was effectively a false prospectus of their financial position.
Next, will no doubt be an attempt by the company to change the auditors if the playbook runs true to form....though who would want to take on the audit!

[dr biotech] 17/10/2022 14:39

How much of the business is him? Cult of personality.

The LTIP is I believe, based on the adjusted EBITDA. If they’ve been aggressively overstating that it’s potentially fraud. Hard to know what to make of the more positive trading statement, trust is shot here.

[horndean eagle] 17/10/2022 13:07

Hudson owns circa 30%. He is on course to pick up another large slug from the ltip. I guess best scenario is he is found to have been cooking the books in order to engineer a full ltip payment. Given how awful share performance has been and the fact all the earnings are adjusted I think there is a pretty strong chance he is somewhat guilty. Given that it may be possible to remove him. Otherwise very tricky to get rid of him.

[davidosh] 17/10/2022 11:57

It cannot get much worse here. Management seem to have very little respect for shareholders. There needs to be serious changes if they are to remain listed.

[chrisdgb] 17/10/2022 11:04

Seems overdone at these levels........

[dodger777] 17/10/2022 10:41

Heads should roll but I assume they won’t. Wasn’t this the ceo who predicted he was going to build a multi million or was it billion pound company. Disgracefully nose in the trough management.

[simon gordon] 17/10/2022 07:52

Needs a Jeremy Hunt and then a clear out of the BoD.

[18bt] 17/10/2022 07:40

That's a shocker - trying to capitalise management time taken for a fund raising. CFO not up to the job or was he just pressurised? Either way change is needed at the Board.

[c3479z] 17/10/2022 07:25

a statement on whether they are now to go ahead with the LTIP or not is due.
their credibility is diminishing by the day and it's difficult to understand how the remaining staff with options vesting at 45p could remain motivated.
those who bought the 30p share offer must now think they did so on a false prospectus.

[dr biotech] 17/10/2022 07:18

Which of the overpaid execs was responsible and will they still get their exorbitant bonus? Trading wise appears to make little difference, but I’m not an accountant.

If this amount is the difference between getting the payout and not then it could well be seen as fraud. Concern is that a huge incentive potentially bends morals and cooks books as mentioned above.

[horndean eagle] 17/10/2022 07:09

cooking the books to get their ltip payout. scumbags.

[chrisdgb] 11/10/2022 08:44

Will be interesting to see any ESG contracts they win as part of the new investment......

[horndean eagle] 08/9/2022 18:43

Miller has only recent joined so not particularly to blame

[c3479z] 08/9/2022 09:54

looks as if the ebitda element of the LTIP can't be averted gifting 10m to the 11 participants, note the market cap of the whole company is now only just over 41m...the TSR element is not going to be realised but the idea of moving the goalposts to allow extra time to reach target return is abhorrent.
really don't think the likes of the CEO, with his enormous stake needs an incentive other than to grow the company in the interests of staff and all shareholders including his spouse and himself!
have reviewed the glossy annual report, all 170-odd pages of it, anyone might think this was a major corporation rather than a relative minnow in an highly competitive field with numerous established well-funded, much larger, profitable competitors. It may be that the annual report, on the other hand, could be used as a marketing tool but one wonders how much it cost to produce!.
Agree that the chairman of the remuneration committee, Mr Miller, who presumably sanctioned the LTIP, should be replaced.