Very disappointing to see NVGN downgraded yet again! Their preclinical cancer trials especially for ovarian cancer and brain cancer seemed really exciting. The work they did with Yale University really really made me think that something special was in the works. I've been long with this stock for years so I and still in it for the long haul. Hope something good happens in the near future here.
this company won't last 2 1/2 years for the study of gdc-0084 to get the results. it will be toast .
Australian Financial Review Apr 18 2017 at 6:12 PM by Joe Aston
Novogen 'gerrymander' divides ASX, ASIC and Ownership Matters
Novogen has angered shareholders with a surprise change to how 35 per cent of votes are cast at AGMs.
And now to the corporate gerrymander of the year, cancer treatment biotech Novogen. The Board shocked shareholders at the annual meeting in Sydney on November 16 by voting a whopping 160 million shares at the chairman's discretion, up from just 3.1 million at the 2015 AGM.
Remember that two new Novogen directors, Bryce Carmine and Ian Phillips, and a continuing director Steve Coffey, came within a whisker of being unseated that year, with votes for and against their election/re-election split evenly at the close of proxies.
Shareholders unhappy with the board's performance are therefore deeply cynical at a unilateral change made in June 2016 to the Depositary Agreement governing the American Depositary Receipts (ADRs) listed on New York's Nasdaq – which represent about 33 per cent of Novogen's register. Since the biotech tapped the US capital market in 1998, the voting rights of those shares have been treated as any other. But last year's revision – which was not put to shareholders – allocated their votes, if not exercised by the beneficial holder (and 90 per cent never are), to the chairman, having the effect of making any resolution, whether on remuneration or directors' elections, undefeatable.
"During the process of updating all of our external agreements, according to our beliefs of corporate governance, we signed a new Depositary Agreement last year," Novogen's chairman John O'Connor told us. "As a result of that, the Bank of New York presented us with proxies at the time of our annual meeting. We didn't set out to seek that as an objective; it was an inclusion that came with the updated agreement."
Novogen has implemented "a shocking gerrymander", according to Ownership Matters' Dean Paatsch. It's worth noting that in the first week of February 2016, Novogen had itself a new chairman in O'Connor and a new CEO in James Garner, and at November's AGM, the resolutions would have passed comfortably regardless of O'Connor's epic bagful of proxies. Nice insurance policy to have though!
Novogen further argued that uninstructed proxies defaulting to the company's chairman is the orthodoxy in the US market, but a 2012 memo from the US Securities and Exchange Commission suggests otherwise: "Restrictions have increased on the circumstances in which brokers may vote on behalf of clients who do not send in voting instructions." Novogen's ADRs are directed by the nominee not the broker, but the two processes are nevertheless analogous.
Somewhat confused, we turned to those pesky proxy advisers for clarification. And we weren't disappointed! "Robert Mugabe would be proud of a mechanism that allowed companies to presume 100 per cent support of uninstructed votes," said Ownership Matters' Dean Paatsch. "The SEC curtailed this ruse in 2010, and again further in 2012. It's the perfect entrenchment device. If this were normal, any [ASX-listed] company could raise capital offshore through ADRs secure in the knowledge they'd always vote in favour of management. It's not good corporate governance, it's a shocking gerrymander."
Yet notified of the (arguable) ruse by angry shareholders, the ASX has declined to take action. So too did ASIC, although it is now in the process of reviewing its original decision. Our beer breath is bated...
Are there no activist shareholders?
another new 52 week low.
What gives? Cause for the share price crushing? Was there bad news in Australia? There is certainly some dishonesty going on here (my suspicion), not being truthful to the share holders. This goes back several years(just my opinion, but the share price bares it out)
X axis : Stocks Price Correlation Coefficient Y axis : Quantity of stocks May-2016 1,000 Day Parameter 2,830 NASDAQ Stocks Price Analysis This stock mode of correlation coefficient is 0 In other words, the correlation coefficient of the other stocks
This stock is a dog. I've had it for over 2 years. Loses value by the day. Stay away.
WDC up 137% since last May. Maybe I should not have had a bunch of money here... WDC doubles in 3 yrs (depending on how much debt they may take on for Toshiba chip assets) and so does NVGN, I'd think. Cantrixil PH1 will indicate no safety concerns. Anisina tox. report will be out any day/week/month now. The Genentech drug they now have will be in Ph2 this year. Primer for Cantrixil:https://www.youtube.com/watch?v=RY8dg_1dUDw So what was it about Great Courses, DFM, now that you've been exposed to NVGN?
Ovarian Cancer Stem Cells - Professor Gil Mor, Yale University
Professor Gil Mor, Director of Reproductive Sciences from Yale University Medical School, explains a new therapeutic approach to targeting chemo-resistant ov...
5 year low. all the execs. bailed. the ship is called the titanic.
setting new lows day after day.
OT: Dana, as previously posted: . . from Kant to Joyce, Pericles to Keynes, music theory to nanotechnology to double rainbow formations (all owned and gone through at least once) - and available more recently, how to grow flowers, raise kids, and mix cocktails (only the cocktails here) - the Great Courses have reshaped our household’s daily horizons
Today I re-listened to first the Hermeneutics of Suspicion and then Liberation Theology during my morning wake-up at the computer; later during a 1-hr elliptical workout I’ll re-watch the Ottoman 1453 capture of Constantinople and then Geographical Supranationalism from a new lecture series; and over dinner my wife and I will watch one of four inter-staggered video series, currently: Detective Fiction, Human (physiological/neural) Perception, Native Peoples of America, and History of Impressionism.
The point is not intended as self-congratulatory but celebratory. Each day brings new adventures - and the best of the old ones - in different directions. GLTU&YourBrother&TA
hitting new lows everyday. seems like the executives know when to run away.
Does anyone know why so many execs ran for the hills?
hitting 52 week low. top execs leaving . seems like it has been a long slide down with no reversal. other than a few insiders buying , do we have anything to cheer about?
Just in case my post gets deleted elsewhere: hear that. Put more money on it yesterday. Trying to catch Morgan Stanley, but they seem to have deeper pockets.. "IMO" and "LOL", to quote some of Q's numerous quasi-sympathetic but ultimately down-ramping posts in the last 2 weeks. Q, whatever you post is "your opinion", so you're being redundant with the "IMO". Your "LOL"'s are either because you think you are funny and trying to convince others of that or due to schadenfreude. If, in fact, people followed your platitude of "DYOR", they would realize you have no credibility as a Novogen sympathizer. Just imagine what I can't get away with saying to you in the following redacted paragraphs.... XX XXXX XXXXXXXX, XXX XXXXX XX XXXX. XXX XXXX XX XXXXXXXX XX XXXX XXXXXXX XXXXX XXXX XX XXXX XXXXXX XXX. XXXX XXX. XXXX XXX. XX XXXXX XXXX XXX XXX XXXX X XXXX. As for GDC-0084, there are other indications that the GI3K/mTOR can be effective: http://clincancerres.aacrjournals.o...e=abstract&utm_medium=itj&utm_campaign=162149 This message has been removed from public view. on 16/03/17 09:51because of (Flaming or Baiting)