Irresponsible CEOs

[LeaPatrizia Zemach]

Today, it's the 21st of January, 21 days after Q4 2009 end, 6 days after the deadline for publishing reports.

There is one company which delivered a complete report immediately after the end of the quarter, that's VHE.

MYK and MIM presented reports, which haven't fixed until now, but both companies are quite alive.

VSTEX published at least the monthly financials.

BUT that's already all!

I consider this attitude of apathy and disrepect towards shareholders irresponsible. If you don't have the time or the interest to run your business in a professional manner, just buy your investors back and delist.
'

[LeaPatrizia Zemach]

Understood. Noone cares about anything.

[Ashleigh Wade]

I care!  I wish more people did.

"He or she must be successful in economic terms, but always within an ethical framework. Whether his or her constituency is a corporation and its shareholders or the customers in a small and privately held business, his or her first responsibility is to serve that constituency." -Lee R. Raymond

“It is essential that the activities of corporate executives are under constant, vigorous and public scrutiny, because those activities are crucial to the economic well-being of society.  If anything, developments both locally and internationally....have emphasised the need to continuously update and upgrade corporate governance standards.“ - Ann Crotty

“Ethics in business is extremely important; your reputation is all you have in life.“ - Sir Freddie Laker

“Governance and leadership are the yin and the yang of successful organisations. If you have leadership without governance you risk tyranny, fraud and personal fiefdoms. If you have governance without leadership you risk atrophy, bureaucracy and indifference.” - Mark Goyder

[Andy Grant]

I find it even more interesting that the shareholders don't care.

Look at the participation of shareohlders in VHE's meeting, ONE!

In my opinion, it wouldn't be a bad idea for VSTEX, to move over to a more aggressive management. Delist all companies where neither CEO's nor shareholders care, unless there is a serious objection, ithink that would at least wake up some shareholders, who seem to silently be happy with the current situation. The list of those companies to delist are, anything except: VSTEX, VHE, MIM, MYK.

It's become like a disease that spreads itself from one company to the other, and finally 90% of the market is ill. And the fault is not on the CEO's alone, the lack of active-investors is much of the fuel.

[LeaPatrizia Zemach]

I totally agree with you about consequent delisting of non-compliant companies, most likely some will catch the last straw when delisting process starts.

VHE communicates very regularly and well to the market, and I appreciate it very much that they continue this even without any feedback from shareholders! I would have attended the meeting, but it took place in the middle of the night in my timezone.

[Atreyu Frequency]

Just a voice from a shareholder that has said something before about what is going on and asked questions, I care just

I don't hold alot of shares atm and what seems to only matter is when your a larger shareholder otherwise it's just shut

up and deal with it....

[Andy Grant]

Just a voice from a shareholder that has said something before about what is going on and asked questions, I care just

I don't hold alot of shares atm and what seems to only matter is when your a larger shareholder otherwise it's just shut

up and deal with it....

Hey, sorry if my suggestion seems a bit rude/improportional. It is obviosly difficult to follow everything when one has a more diverse portfolio and especially when the stake in each stock is small. I was really targetting the larger shareholders when i said "don't seem to care". What you as a smaller shareholder can/should do in my opinion is contact the larger investors and see what's up, someone up in the list has to have some idea.

[Samantha Goldflake]

For the record, we just posted our Q4 2009 financials (click) (see related attachments at the linked post).

While we apologize for the delay, quite a first in our history, we would like to point out that while posting a negligible loss for Q4 (basically, we did break even), year 2009 has been a great improvement from year 2008 (2009 profits: 734,729.61 L$; 2008 profits: 417,955.55 L$).

[LeaPatrizia Zemach]

While the majority of listed companies' CEOs don't care about anything (hopefully they will be on halt soon and delisted afterwards), I consider a reward for a company that has become the most reliable in reporting and communicating appropriate.

Hereby I suggest to reward VHE with not less than 10,000 VSTEX shares for their continuous and reliable work in spite of missing shareholders' participation.

[Mystic Handrick]

Wow...all I can say is I am totally flattered by your suggestion of a reward. We (VHEA) will continue to follow the rules the best we can under the circumstances laid out before us. Thank you!

[Andy Grant]

I couldn't agree more, reward is the best form of motivation. And nobody at VSTEX could deserve a reward more than VHE.

[Samantha Goldflake]

I am pleased to inform everyone that VHE will receive 10,000 VST shares free of charge and no strings attached, as a reward for the company contribution to the improvements of this market.

It must be noted, a stock market is not only about features and rules. A strong market needs companies like VHE, just like companies like VHE need a market like ours.

The bonus will be deposited into the CEO's account as soon as possible, with the understanding that the bonus itself will be added to the company assets and as such it will be carried over to VHE financial reports.

[Giampaolo Huldschinsky]

Well done Samantha!!!
I think this reward or prize how you want to call it, should be advertised more and even outside VSTEX!!

Brava Samantha !!

* Giampaolo Huldschinsky claps his hands

[Samantha Goldflake]

This is not the first bonus we offer, the previous one was awarded to PBA a while ago. There is no fixed schedule, or recurring event (like once a month, year and the likes). This is not advertised because we believe sound corporate governance and consistent communication shouldn't be pursued in order to achieve a prize, reward.

And it must be noted, every issuer is expected to follow our rules and policies. No reward ever, for doing that. That said, whenever a company stands above the crowd and raises the average standards, then that should be outlined by issuing a reward.

The amount of 10,000 VST shares is being transferred as I'm writing this post.

[Mystic Handrick]

I would just like to confirm that 10000 shares have been deposited in my account. The shares will be added to VHE assets and reflected in the financials as per Samanthas instructions. Thank you again!