ADVFN (#AFN) – boardroom change continues as Michael Hodges and Thomas Spiller leave
- 2022-08-08 07:58:47
At the peak of a raging bull market ADVFN (AFN) managed an almost unique event in its history, it reported a profit. Facing a "sack the board" threat from Yair Tauman it recklessly started paying dividends. Now, as we slip into a bear market and with Yair’s nominees in charge we see how that payout was foolish and unsustainable as a ghastly warning of steep losses and worrying cashburn is served up.
Thanks to Yair Tauman, he is no longer able to draw a £300,000 salary and an even bigger expense account at ADVFN (AFN), so what now for Clem Chambrs? There was the hilarious attempt to stag the disastrous IPO of Lift Global Ventures, but a man needs more in life. So as you can see below Clem is now a celebrated artist with his work showing later this week in a "flash" exhibition in Paris. In case you are in Frogland I also bring you a couple of Clem's masterpieces. They don't float my boat but maybe you have a "different" taste?
I write this as someone who operates a small venture with ADVFN (AFN), and, at this point, nobody has bothered to tell me where I stand; so, what follows is informed speculation - I am in the dark as much as you. Yesterday afternoon, the GM results came in.
This is outrageous and enough to make one lose all faith in the integrity of some in the financial markets. Today ADVFN (AFN) has announced its 2022 financial awards where past winners include Ronnie Kray (re-distributor of the year), Bernie Madoff (fund manager of the year) and Gordon Brown (economist of the year). The correlation between those financial services companies receiving awards and those advertising heavily on ADVFN is, as ever, just a pure coincidence. The main award is the blogger or blog of the year. Naturally nobody associated with this website has ever won …
It seems that Clem Chambers knew that Yair Tauman has the votes in the bag to oust him at an EGM that Tauman has called and thus the ADVFN (AFN) CEO has said that he will be leaving the firm on Monday. The terms of his departure, approved by his fellow troughers on the current board, are revolting.