AVE (ASX) The Jeweled Toad

Originally posted by hottod ↑

It takes a little time to digest significant announcements before commenting in detail but, frankly, yesterday’s announcement was not only unpalatable, it was indigestible.

Still, I managed to keep chewing and here are some thoughts, in no particular order.

If temperatures were raised at last year’s AGM, they’ll be off the gauge next Monday. If 2013 left shareholders feeling betrayed by the criminal actions of ex-CEO, Esra Ogru, 2014 will have left shareholders feeling doubly betrayed, by seeming inaction (promises not kept) and/or incompetence by management. Perhaps the company request for AGM attendee numbers was intended to assess how many security guards would be needed!

I predict that Harry’s debated status as Managing Director, co- or defacto CEO will become a moot point. I think there will be no option left but to fall on his sword. I have no idea what the outcome will be re New York based staff but I’m sure all performances will be closely examined.

GC described new CEO Ross Murdoch’s actions as sweeping out the building with a broom. I would put it more strongly. I think that Murdoch has been dusting off and examining products, processes and people with forensic precision. In a case of shape up or ship out, I doubt that there will be any refuge left for the idle, the incompetent or the incompatible – be it projects or people.

Sometimes it takes a crisis to drive real change. Also, it has oft been observed that from terrible times, great leaders emerge. Circumstances have provided Murdoch the opportunity to stamp himself here as a great leader. He has the qualifications. He says he has the vision and intent. Now, those who have chosen to remain as shareholders must wait to hear his vision, decide if they share that vision and evaluate whether he has the necessary intelligence, courage and creativity to realise his vision.

In his CEO Report, Murdoch noted that the first thing that struck him when he commenced due diligence of Phosphagenics was the potential of TPM – its uniqueness, adaptability and flexibility. He described his management challenge as being focus – focus on identifying projects of greatest potential and deciding how to extract as much value as possible from the technology, while conserving finite resources and minimising risk. This is the plan I'm expecting to hear laid out in more detail at the AGM.

As a shareholder, the first thing that also attracted me to Phosphagenics was the potential of TPM. I’ve always strongly supported diversified commercial applications of TPM to grow revenues. However, despite its promises, the company to date has had a poor success rate of executing such plans. I think the company finally has put together a top-shelf Board. These are highly qualified and highly experienced people from the right backgrounds who have the commercial smarts to get things done.

I’m no Shakespeare, so I’ll let him have the last say

Sweet are the uses of adversity,
Which like the toad, ugly and venomous,
Wears yet a precious jewel in his head.

William Shakespeare

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Nicely said hottod.
I am going to trust my intuition again here. The OxyC patch is the one that will bring us our first major success. It also has the potential to meet a huge, global unmet need, PHN.
Focus means deferring other opiod development as the Plan B, just in case. It means directing our limited resources into OxyC only for now, and changing tracks later if and when we think that we should.
Two key words: OxyC and Focus
Henriette

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