I emailed Glyn a a couple of times over the last 10 days and only got my reponse from him now (normally he's really quick). My primary query related to OBJ's wholly owned subsidiary "Field in Motion Pty Ltd", formerly named "OBJ Transdermal Vaccinest Pty Ltd". I asked Glyn what exactly is this subsidiary doing by way of business activities today - I referred to announcements made years ago concerning research and evaluations of OBJ tech applied to drugs but that we haven't really heard anything since. I asked Glyn whether we can expect to hear anything about developments involving Field in Motion Pty Ltd in the future. On this query, he stated "FIM is a complementary technology to our normal ETP that is a component in several potential applications we are working with at P&G. It is a very exciting technology and may have applications beyond the present OBJ activities." Obviously not a direct response, but still positive and consistent with Glyn's conservatively expressed communications to date.
I also raised the issue of the abysmal share price at the moment compared to a year ago. I referred Glyn to suggestions on internet forums that this may be due to an anticipated capital raising and whether he could say whether the board had been contemplating a capital raising. On this issue, he stated "We have some $4m of cash at bank in December and I won't comment on what has become pure speculation from some quarters. We stay focused on the immediate tasks being the work programs with P&G, Coty and the UQ trial of which everyone is aware. This will be a steady build up and progression." Seriously folks, I think this really does settle the issue.
And on the issue as to why he took so long to reply to my first email, he kindly offered this explanation: "Sorry I did not respond sooner but I am overseas at the moment." Of course, some posters may speculate that this disclosure confirms their suspicions that a capital raising is on the way (i.e. Glyn's been overseas conducting essential research and negotiations with an international broker to underwrite the capital raising) . However, I think it is more likely that upon his arrival at Perth International Airport, we will see an executed agreement in his hand with OBJ's name and some other significant company name at top of the document ... from which some kind of material announcement will follow. Speculation of course, but certainly more likely than a capital raising.
Just IMHO.
J
OBJ Price at posting:
6.7¢ Sentiment: Buy Disclosure: Held
(20min delay)