The mundane Oramed proxy for 38 million shares held by an eclectic bunch content not to pursue judicial remedy for a bag worth 80 percent less seeks vote on Board members, un auditing accountants, and lining executive pockets.
The notable selling shareholder, 390,00 shares, Millenium Management, cast its vote passing wind in a closed room and then leaving the room.
The buyers bellied to the bar with other peoples money: a blackrock, a morgan stanley, a cubist, a sigma, an assenagon whose strategy is too complicated to explain, and an undisclosed holder of 2 million shares bought at $25 in private placement for shares now bid at 4.
The CEO Mr Kidron and the Chairman of the Board Mr Rakin were gracious to sell 20's while promising a pill for oral insulin and Covid 19 without side effects. Mr Rakin then sold 9's. Mr Kidron rewarded himself with shares at 0 to replace the shares he sold. The market is bid at 4.
Mr Rakin presumably otherwise occupied with directorships and his day job at High Cape Capital will not pursue renomination. He studied in South Africa, learned business at the Columbia, and may be versed in the Delaware Chancery Court's recent view that Boards of Directors have a duty beyond the ostrich, the benign, the neglect, and club memberships when shepherding managements. Mr Rakin opted to take his 47,000 remaining Oramed shares into the Connecticut night.
The matter of executives being stuffed with compensation is readable as an idle curiosity.
The confirmation of the august firm of Kessleman and Kessleman in Tel Aviv as accountants that have not audited anything for over a year is of passing interest.
The reconfirmation of South African Mr Sank as a director who sold 3's in a market bid at 9 to a Tortolan Trust managed by his wife is almost as amusing as much as the proxy Mr Kidron holds for his Chinese owners.
The next act is scheduled for Jerusalem 30 June.
Election of the Board of Directors to shepherd the business model with now the added responsibility of the Boeing decision. This years board will be without Chairman Rankin Confirming the Israeli accounting firm
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