Please stop reading if you say "no".
The non-executive BoD hired Goerner and Bibeau to lead the company forward.
Yes or no
Having previously consented to the "umbrella model" is it reasonable that they would ask these industry veterans their proposals for growing PTSC.
Yes or no?
Acquistions would appear the most reasonable method.
Yes or no?
It is now down to Goerner and Bibeau to find potential acquisition targets.
Yes or no?
Having found suitable candidate companies they now discuss with the non-execs the relative merits or otherwise of each contender.
Yes or no?
Goerner and Bibeau, as executive officers, initiate a full DD into the selected company or companies.
Yes or no?
They return to the BoD with their conclusions and recommendations on completion of full DD.
Yes or no?
To now suggest that the non-executive BoD should repeat the full DD process is farcical, in my very humble opinion, and would legitimately give rise to shareholder questions, not least , "Why hire two people with such experience and knowledge if you are going to pay for the same full DD exercise all over again?" Do you imagine that Vodafone's $172.2 bn acquistion of Mannsesmann was held back for the non-execs to replicate the DD?
That is not oversight, it's showing absolutely no faith whatsoever in the abilities of the Executives who, ironically, were hired on the basis of their combined knowledge and experience.
.
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Be well
