for more information about stanelco click on the links.

driver's research page link
http://www.moneyam.com/InvestorsRoom/posts.php?tid=7681#lastread
website link
http://www.stanelco.co.uk/index.htm

Here goes my conspiracy theory;
SEO showcase Starpol / GS to customers, who respond with a "yes please". They issue the famous LOI and embark on their due diligence. SEO think "we did it, chaps. We can make it through to profitability".
The customers then come back in late September with the results of their due diligence. They have 2 concerns. Firstly financial stability and secondly the managements experience and cannot proceed to contract unless these are addressed. Negotiations halt.
SEO decide they need backers for the cash and approach the institutions with the LOI and results of due diligence. The backers love the products, love the LOI but have similar concerns over the management.
HW has concerns over his future role and forces the board to make an offer to existing shareholders, so that he can maintain his holding and have sufficient shares to protect his job. he sells some of his holding to fund his purchase but its not enough. he is hoping for support from other holders who pull out and so he is voted out.
Meanwhile the institutions are promised that after the offer they can place their own men on the board so that they are satisfied and SEO can go back to the potential clients and say both points are now rectified, can we exchange contracts please.
As the EGM happens, HW is dispatched to meet with the clients to give them the good news, little realising his role is now over.
Alan

Alan,

Can you write the next screenplay for 007.(No please don't).

But seriously, that's my slant as well. See previous post.
So 2 of us could be wrong.

I've been expecting you, Mr Greekman..............

The second theory:- HW & IB have been very concerned that the Greensealed salad products will prove to be so popular that ASDA will not be able to cope with demand,so they have offered their services to ASDA as shelf packers to keep the supply flow running smoothly.
kim

I think Alan and Greekman should get together to write a sequel to Goldfinger, maybe entitled Greensealer.
kim

While Kim works on "the man with the golden pun".

Could someone compose the theme tune please. 'Greensealer, the man with the greener pack'
kim

Alan - I think your theory is exactly right - except that I expect the instis would not have been invited in - it would haave been a condition of them baacking the company to put their own men on the board to protect their investment and turn the company around.!!.

I even wrote to Sylvia last week asking for more information on the performance measures for the company and the directors and got the usual response. In my reply to her I did point out that now that the instis were in, they would be demanding an ever growing presence and suggested that board members jobs were on the line if they did not deliver within the next 3 months. Looks like I got the timing wrong.

Baza,
I have MW down as more astute than that. I really think that he wanted a major boardroom shake up much earlier, but HW was the blocker with his large holding. I think much of the delay has been down to clients not trusting the managements experience and MW knew it. His problem was attracting and affording the right calibre of individual to impress the clients. He did try with the short term sales manager he took on.
I would not be at all suprised to learn that the company was allowed to "mark time" until the instis were needed to bail it out and HW was forced off so that MW could at last afford to attract, and be attractive to, the senior management he wanted, via the institutions. This could all be the result of months of smoke filled room negotiations between MW and the likes of Fidelity.
Alan

Must confess I expected a more positive response this morning - looks like the sp is going to slump on the news in the short term.

I did half expect another RNS this am appointing a new S&M director to the board as well as an insti heavy weight

PS S&M = Sales & Marketing - not sadism & Massochism!!!!

Tony, my daughter says she has been in The Richard Steele a couple of times, I think it must be the same one, although she called it the Sir Richard Steele? Kate Moss drinks there sometimes apparently so it must be for the really hardened drinkers like yourself!
kim

BH
Maybe the chosen candidate upped his demands seeing the opportunity...

S&M director post not attractive now there is no chairman for executive vice.

I am probably wrong but I think maybe HW & IB walked rather than were pushed, would it not require another EGM to force them out?
kim

I assume that IB and HW are still employed by the company under their contracts of employment, otherwise I think the RNS would have mentioned they had left the employment of the company?? But clearly the strategic management of the company has now moved on from the early stages of these two taking the company down the road of IP development.

Perhaps they will remain board directors of subsidiary operations, perhaps they have been given notice and there will be substantial redundancy payments due.

I wonder where Philip Lovegrove stands in all this - I guess part of the new rather than ancien regime with MW, Clive Warner as FD and Terry Robbins as COO - plus new Sales Director?

Could this really have been a done deal pre-placiung without it being mentioned in the placing docs - bit irregular, but I suppose there is no proof of it. Or was it a much more recent confrontation, or simple self-realisation that they would not fit with the new regime?

Perhaps we cannot be told until their final deaprture has been fully lawyered.

SP ticked up on the offer if not the bid to start with. Now slightly down on the offer, bid holding at 1.65 in faced of a few PI sells - v. low volume so far.

SD I agree, I think they are still employed by SEO in some form.
kim

We do not know they have gone, only no longer on main Board. We have seen HW being eased aside over recent weeks but I wonder about IB. Following HW being pushed he may have walked, or threatened to do so and the bluff failed.

Or IB may still be there but just in a technical role on the BioTec side. The RNS issued at 16.09 yesterday said "the Company has been informed by certain persons discharging managerial responsibilities that..". Nothing past in that, yet by the time that was issued the Board meeting referred to less than 30 minutes later was surely over and the Statement prepared.

The Chairman promised last Monday that RNSs would henceforth be clear and unambiguous !!

But then again, did IB cock it up big time over the IP licencing that became aparent with SPhere?

SD - snap !

The Prospectus tells us IB's Service Agreement had a 3 months notice and (interestingly, or is it standard?) "There is no provisions for compensation for early termination, although Mr Balchin may be entitled to submit a claim for breach of contracts should the service agreement be terminated early by the Company."

HW's said "No notice period is specified"