Hi All,
It's been a long year to say the least.
That time of the year is up on us again, the AGM.
Looking back over the year, it's been very trying on many fronts.
We have had a number of disappointments and numerous delays IMO.
The biggest disappointment of all, after such "OUTSTANDING AND REMARKABLE" results from WEHI, again followed up by 360 Lab, then again from LEIDEN, is that after 16 months, PharmAust, still has not got a single MPL tablet made.
On top of that we have heard excuse after excuse for delays, which, in my book are far from acceptable.
My friend Julie and her son, after taking MPL, in June 2020, are doing fine and are cured from SASR's.
That is a fact and the BOD's have had a letter placed under their noses, and still, we have stagnated.
Shareholders have become jaded, by the way PharmAust is being run and apparent lack of urgency in the current economic environment.
PharmAust, still hasn't gotten any MPL manufactured to date; there's no announcement saying they have received it to date.
The only good thing was today's announcement, and that fell flat on the market as well.
In my last post, "I said the board needs to put something on the table".
What has been put on the table by Sam Wright, "his own words", is an entitlement options issue of 1 option for every 4 shares held.
With regards to these options, telling shareholders, that they are a reward, for no sustained financial gain or return on investment, IMO is poor, and the shareholders that Iv'e spoken too, aren't impressed.
Another fact that we all need to know, is the Sam's mate, Jason at JP Equities is running this exercise and stands to pick up any options that are not taken up by shareholders. JP Equities also manages Sam's account.
Iv'e had a rather terse conversation with Sam, regarding this matter, as I believe, along with other shareholders, that current shareholders in PharmAust, should first and foremost be offered the options first.
The reason given, for JP Equities, being given these options, is to bring new shareholders into the share registry.
Personally I do not agree with this, as we should be put first.
When pushed on this, I was told that I'm greedy and if you don't like it "SELL YOUR SHARES". Well, I can tell you all, that's never going to happen.
Coincidentally, Sam Wright is up for re-election, and I can tell you, anyone whom offers a carrot like this, to seek re-election, well, this is how it appears to me.
I look at things impartially.
If you haven't had phone calls returned from the office, emails not returned from the office, or on the rare chance one is, and it's generic as many share holders have passed on to me and if you are sick and tired on mundane boring announcements, with little or no graphics and no effort put into explaining, what the announcement means in layman terms, then it is time for changes on the board.
For PharmAust to go forward , that there needs to be a new finance and marketing director appointed to the board for a start. Having a company secretary, doing this job whom doesn't have the qualifications in marketing, clearly has demonstrated over the last five years, that they don't have the marketing goods.
I also believe, that PharmAust should have a trial on Hot Copper. IMO, if there is no substantial gain of new shareholders and the volume doesn't increase in trading, then cancel it.
Finally, IMO, when the first trials were done in 2015, with success with MPL, it's my belief, that the BOD's, should have begun manufacturing GMP Grade MPL, and squirreling it away for a rainy day. If your running a company, you must believe in the product, and produce it in advance. It's commonsense.
We have been paying millions in directors fees, for the directors to run this company. The problem is it is still treated like a private R&D company, complete with a lifestyle attached for the directors
Shareholders, it's time to make a decision, on how this company is going to be run in the future.
We have all had to endure this pandemic, the one thing that sticks in my mind, is that the company should already have a tablet on market and the company should be making millions, if not billions and yet, we still haven't got a tablet made, and therefor no human SAR'S trial. We were in front and now we are LAST.
Its time for change, to get this company making money and seeing a healthy return on our hard earn't dollars.
Above, is how I voted.
I will be taking my full allocation of the options.
As Always
Best
Mickey Mouse
(20min delay)
