When we last checked in on Premier, the acquisition of Dinoking had been completed and Daoping Bao was now the chairman. In a recent filing to the U.S. Securities & Exchange Commission, Adam Bradley reported a letter sent to the Premier board of directors. As his firm has over 5% interest in the company, he expresses what he expects from the new management.
“I believed then that fixing the current operations and monetizing the assets would be difficult but achievable. However, I feel that the current muddled strategy, a lack of progress with execution, inadequate reporting, and poor communication to shareholders have driven Premier off track. I believe these factors are also contributing to the severe depression in the market valuation of our company. It is my objective to drive accountability and at the same time assist leadership in restoring value through a more effective strategy.”
He wants the board to end unprofitable exhibits that have resulted in lost revenue and impacting the company’s ability to have sustained profits. He argues that getting rid of expensive leases, though a challenge, ought to be pursued. And he hopes to work with the company to achieve these ends.
The letter is part of the 13D filing made by AJB Capital to the U.S Securities & Exchange Commission.
AJB Letter to Premier Exhibitions Board
– – –
A recent 13-D filing by Premier discloses the identities of the merger group and the terms they will operate under. Missing is the disclosure information for Mandra Forestry Limited, a British Virgin Islands registered company, that owns 8.3% of the stock. What is missing is the source of their funds. “We have requested on numerous occasions but not received confirmation from Mandra Forestry Limited” states the filing. Perhaps it means something or perhaps not. It is curious that this information has not been forthcoming from them.
SEC EDGAR 13D filing