Just reading todays posts and the announcement from today. I have to agree with others here in saying that the board appear to be quite desperate to discredit anybody who opposes them. First it was DF and now CK. Probably be DR next. I thought todays announcement almost admitted that they had no idea what the current situation was with one of their biggest clients. You would think that such a highly paid board with so few customers might have made it their business to know this before now. I think this indicates a degree of incompetence.
It also concerns me that the current deals with anixiter and the computer deal will not provide the necessary short term cash flow to make the company anywhere near break even as promised. The other deals like BAE and aerospace may not even produce revenue this year. Based on this, how was NASDAQ ever going to be possible this year? The other question this raises is how much cash will they require to keep this going?
If there is a cap raising done as suggested by the announcement today, I think that we should all pay close attention to the commissions being earned by those involved. After all, it is a capital raising for the company isn't it?
Para, it is clear to all that the current board has lost the support of the majority. You seem to be very confident that they are happy to step aside. I disagree with this. I believe that they will probably try to replace themselves with new people that they can control. Shareholders will not accept this. Ask yourself this one question. If the board can not answer the question about the debtors, why do they also refuse to allow the books to be opened for an independent audit? If there was nothing wrong then they should welcome this and use it as a tool to earn back the trust of shareholders.
We all have a lot of money invested in this, some more than others. There will be an independent audit done of the accounts whether the current board like it or not. Whether they shred the books or burn then, it does not matter. If there is nothing to hide then what is the problem? Para you of all people should understand this.
It seems hard to stay impartial at a time like this. Everyone seems to fall either one way or the other. I have lost faith in the current board, I had some time ago. I don't believe they can take this to the next level. No one is denying that they have done great things for the company to date. However it is hard to justify the massive salaries and huge travel expenses when there have been so very few sales. To date we really only have larson and we all agree that that was a disaster.
We now have the chance to put in a place a new board with I hope some very well respected people with excellent corporate experience and squeaky clean reputations. People who are able to get funds and institutions involved from here in Australia. Before you say anything Para, just relax, I'm sure the makeup of the proposed board will be made known very soon, the current board i believe would have known about it for some time.
Oh and by the way, how can a bloke like Michael Otten be given the responsibility of running anything? He has been a complete waste of money to date with absolutely zero media coverage since he was appointed to the board. It must be a complete mess over there at the moment - maybe dogmatix is not that far off track with his last episode. Dog, have you had any update of the situation????
TZL Price at posting:
$1.24 Sentiment: Hold Disclosure: Held
