Well, if anyone wanted proof of the intentions of the current management, I guess this announcement says it all!
After having burnt many millions of dollars "developing" and then failing to capitalise on the software, it seems that Mister Baum now thinks it appropriate to seel the entire global, perpetual rights for a mere $350,000 !!!! Wow!
It would be an awful joke except that this money was not theirs to squander but that of the long suffering shareholders.
I think that the "management" should be forced to disclose the paper tril behind this proposed "deal". Where is the due dilligence? Where is the history to prove that the IP (paid for already by the shareholders) will e put to good use? This proposed "buyer" does not eve appera to have offices, staff or clients so for tem to claim "Gambier seeks to provide its partners with an unmatched user experience for both the enterprise and the individual" is an absolute insult, if not a downright lie!
It is a second tacit admission that neither KB nor DA consider themselves capable of running this business (as though we needed confirmation of that!) and that the best they can do for the shareholders is to sell the heart of it off at a few cents per dollar!!
It is, in my opinion, the ASX equivalet of the petulalant, spoilt brat taking his football away and running hoe because he was losing the game! Absolutely disgraceful, if not unsurprising.
This shuld give the Aignment Capital bloc all the ammunition they need to defeat these cowboys at the meeting - hopefully. Only complacency on the part f the smaller shareholders can deliver a win to this sham of a management team.
The figures in the announcement are staggering! A $10 fee paid to TikForce by Gambier (a brand new off the shelf company, no doubt expressly set up for this transaction and with a minimal share capital and zero history, is a complete insult. C'mon ASX, where the hell are you guys?
This would seem to be akin to buying a Rolls Royce on credit, declaring yourself bankrupt and selling the engine for a couple of bucks!
Nice commercial acumen KB. What a joke. How can this be spun on the CV?
I cannot imagine any company in Australia ever employing either of these clowns again.
TKF Price at posting:
0.5¢ Sentiment: None Disclosure: Not Held
