Possibly because FB has been criticised for a poor response to a hectic time for wbt. Alot of commercial deals coming across the desk of each director. And FB might have been late or basically not keeping up and coby et all have had enough with the delays in meeting H1FY23 timeline. Time for him to go.
And fb has said ok then, I am going today !
Announcements are always soft, gentle and positive. The machinations and truth are never known if it is anything less than ideal.
The company being suspended is frankly a shithouse position to be in. The shorters are trapped (not such a bad thing!)but everyone is stuck now. And can't buy shares cheap now.
A new Australian director might take a day, or a week or longer. The longer it takes the more likely FB did quit on the spot.
Anytime a director resigns, 'effective immediately', it is not good. So I believe there is turmoil in the board right now but hopefully they find a new director who can fit right in and get across everything quickly. And get the deals signed off. This is all just a crazy conspiracy on my part.
i think the product is fine but the deals are messy right now, hence the delay. I do believe coby believed the deal would be in place long before June 30. Hopefully it gets sorted soon but a delay on the deals is my take before it all comes good.
Obviously just an opinion.
All the selling is really a stampede by short term holders, started by a couple of insiders being opportunistic. Just a frenzy of scared cows.
AIMO.
WBT Price at posting:
$5.70 Sentiment: Buy Disclosure: Held
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