Cotterford Co. Ltd. Sends Letter to Board of VolitionRX
June 10, 2020 – Cotterford Co. Ltd. (“Cotterford”) the beneficial owner of approximately 29.3% of the outstanding shares of VolitionRX Limited (“Volition”) (AMEX: VNRX), as of the record date for the Company’s 2020 Annual Meeting, today sent a letter to the Board of Directors of the Company.
The full text of the letter follows:
June 10, 2020
Board of Directors
93-95 Gloucester Place
Attn: Executive Chairman Dr. Martin C. Faulkes
Dear Members of the Board:
As you know, together with certain affiliates, Cotterford Company Limited (“Cotterford”) beneficially owns 29.3% of the outstanding shares of VolitionRX Limited (“Volition” or the “Company”), as of the record date for the Company’s 2020 Annual Meeting. We first purchased shares of the Company in 2012 and have been the largest shareholder of Volition for nearly two years.
First, we want to thank you for taking the time to speak with us over the past several weeks about our concerns regarding the strategic direction and leadership of Volition. Unfortunately, the Company continues to manufacture artificial obstacles that inhibit a mutually agreeable resolution for the benefit of all shareholders. It is clear to us from our conversations that the magnitude and urgency of the need for change is not appreciated – and that if action is not taken, shareholders will continue to suffer.
Volition has significant long-term potential. We are strong believers in its scientific assets and the fundamental value they represent for both patients and shareholders. However, we believe that in order for this value to be realized, change is needed now. Simply put, we have lost confidence in the Company’s current leadership.
This is in large part due to the Company’s inability to articulate – and stick to – a coherent strategy. Since 2015 the Company has at various times described its mission as (1) focusing on diagnostic blood tests purely for cancer, (2) focusing on blood tests for other diseases as well, and (3) focusing on animal health. While we understand the importance of companies in the life sciences field being nimble, Volition’s maneuverings have more closely resembled strategic indecisiveness than anything else.
Just as troublingly, when the Company has clearly communicated targets, it has missed the mark. Management’s own promises and predictions for product launch deadlines have been chronically wrong for each of the last five years. After multiple optimistic projections, Volition’s revenue last year was exactly the same as it was in 2015: zero.
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