Ann: Appendix 4C - quarterly, page-115

Sorry mate I'm on a roll tonight.

I'm sorry for your losses. Think most of us are in the red at this point unless you managed to free carry on the way up. However, this forum is like a broken record sometimes - and I'm not sure anyone is even thinking for themselves at this stage. They just watch the shareprice and respond with pitchforks and torches when it's down and cheers and backslaps when it's up.

I'm VERY curious here. Where has management lost your trust or lied to you? I'm really so sick and tired of this complaint. I will grant you the C/N was a bad deal yes. Salaries are too high? Is that it? Where have you 'lost trust'?? Is it because we don't have revenue yet? Is it because the announcements didn't include every single detail you're looking for? Seriously what is it?

My take:
C/N was a $hit deal agreed - but I won't lynch management because they needed cash and they took a crappy deal. Obviously there weren't many financing options when we couldn't even fill half of the concurrent $7.5m share issuance - so I'd imagine we were gonna get a $hit deal no matter how savvy our exec team is.

Salaries are too high - AL - yea agreed his is too high. But it's been out on the table for a long time. No smoke and mirrors here. MD - yep it um, takes money to lure someone away from Intel to be MD of a small startup. CW - uh w/o him we have nothing. JCT's MD --- to clear that $1m extra payment up, that's how the majority of acquisitions work - as part of the acquisition price (whether it counts as that or wages is an accounting thing)- you pay an amount at the end of a year/2 after the acq. to ensure the company doesn't immediately fall apart on handover. Anyone else?

Revenues - I really really don't get this one. People think we should just magically make money straightaway or something. We didn't invent a money printing machine - and even if we did, I'd guarantee it would take time to get it working and running. It takes time to 1)find company to accept us on their chip 2) port to chip 3) find companies that want to use this chip 4) develop product with these companies 5) produce these products 6) sell these products. We've been operating for a year and it's like everyone here thinks we should have rifled through all of these steps and have money overflowing our bank accounts after a year. Heck I've had a simple project at work trying to get funding into china take well over a year. No less accomplish all of the above.

Announcements too vague - In no way do I want them disclosing full commercial terms to the public. First customers will usually get a better deal than later customers and I certainly don't want the bar publicly set low. Also - we're dealing with other companies here, how much do you think we can actually tell the world? Also also - if anyone actually reads these announcements, they'll find that despite the above, we have been given a very good idea of $ amounts, units, and timing. What else do you want?

So where have you been betrayed? Have I missed it? Or is it simply that the SP is in the gutter? IF it's that, well, that's fair enough and by all means call it when you don't like the heat anymore. But is that actually management's fault?