Proxy battle doesn’t give shareholders a great choice.
Live Current Media shareholders are being asked to make a choice ahead of next month’s shareholder meeting: gold or white.
The current CEO Geoffrey Hampson and his board want shareholders to vote with their gold proxy card, which would mean they get to stay at the helm of the company.
Former company president David Jeffs is asking shareholders to fill out the white proxy card, which would replace Hampson and the board with David Jeffs and a slate of new directors.
Unfortunately for shareholders, neither option is rosy.
In the gold corner you have a CEO who is also CEO of other companies. Yes, he invested $1.5 million of his own money in Live Current. But he seems to have left the building — literally. He has relocated to Chicago where another one of his companies is located. Hampson raised a lot of money for the company. But he also entered into a disastrous cricket media deal despite knowing little about the sport and made a stupid, unrelated acquisition of an auction software company. Partly because of this the company was forced to sell some of its prized domain names.
In the white proxy corner you have David Jeffs, who used to run the company. The company held its own under his leadership, but it was also involved in a number of questionable transactions involving Jeffs’ family. Jeffs also was the one who brought in Hampson to run the company.
So gold or white? Which will it be? Neither looks particularly promising for the future of the company. But I suppose it can’t get much worse. Shares are currently trading for 8 cents a piece, compared to $3.00 in May of 2008.