I also listened in on the conference, but didn't have an opportunity to ask questions. There wasn't much in it that wasn't previously disclosed / discussed, so didn't find it very worthwhile.
Fundamentally, as we all know, they changed strategies from chasing a 'one hit wonder' to smaller, bite sized deals. All easily understandable - although I thought this was a strategy they followed a number of years ago, before changing to chasing the holy grail, before coming back to what they did before...? Could be considered a frustrating waste of time and money, but we all learn as we go.
The thing that most bugs me is that the strategy is easy to understand, they say they are kicking goals (2 achieved this year so far), they say they are talking to lots of people, they are employing lots of high level (expensive) people, tapping into networks, going to conferences, etc... but there is no real hint of an imminent deal. And, as Andrew says, we keep on leaking cash at an ever increasing rate. Stephanie says they have a runway to the end of CY 18, but one suspects they'll rattle the tin before then. So, if the timeline is shorter, they'd better do some deals or the sp will be crushed - again. So, the question I wanted to ask was the one put to Jerry McGuire "show me the money", or basically the strategy is not worth a dime. Where's it all at? Of course they'll say it's only a new strategy, we're building evidence, networks, opening up conversations, etc... but that's EXACTLY what has been said for nearly 10 years now. Getting a little frustrating.
The other thing that made me nervous was Stephanie said we needed to refresh the shareholder base, partly because some long term share holders who had made good money may want to exit. Is she talking about Hockings? Who knows, but as she herself pointed out, if current holders want out, what chance does the sp have of going anywhere.
So, apparently, apart from depressed sp, shareholders wanting to bail, money going out hand over fist, etc... everything is peachy.
Personally, I think they need to show us the money, do a few deals in the next few months or we are all going to be very unhappy campers come Q3 '18.
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