any possible negatives, page-7

sorry that was a bit glib, and in making it I missed your quite valid point that Henderson would not have to announce if he was making a complete exit.

"I realise that may have come out sarcastically - but it was not meant to be. Sometimes better products don't win out for a range of reasons. Poor marketing, crap contracts, pricing structures... and more broadly just poor contract negotiations. These are just some of the reasons why companies with better products don't just become an automatic winner."

Fair enough, and same here, i responded way to quickly.

Giving the matter more consideration: what would you say the appointment of the new Chairman was all about? Mark Bouris negotiated a massive series of deals in building up Wizard, and again before his final exit from Wizard to the tune of $500 million or so. I think he has a few clues and maybe I left out 50 mill or so there. Anyway I bought ADO on the strength of it because until then I'd been warily watching ADO, and VERY mindful of the kind of biotech problems you mention and missed cheaper entry levels.

So they hired Mr Wizard salesman. Perhaps Henderson did not do so well on that score? As you point out the time lags and lack of sign ups and revenue have been with the company for awhile. Given this, isn't it just possible that it might not have been a happy exit? If Henderson left on not great terms, or felt slighted by the pending appointment of Mr Wizard he might indeed feel like slamming the doors behind him.

Again, just speculating, but if Bouris hits his stride and gets real results for the company, what would that do to male pride of the ex chairman? If I was a man in that position I'd take my money and run like Henderson appears to have done. I'm not a man, and I usually find it easy to admit my shortcomings, and I'd be happy if my successor made me rich even if it implicitly means I got it wrong. But male pride generally doesn't work like that IMO. (sorry guys, just my observation when the stakes get higher...feel free to make catty observations about women who sweat the small stuff).

All this is entirely speculative, we have no idea, but I think that Geoff Cummings did say at some point something like the Transocean selling was 'unavoidable' and soon would be over. Doesn't this fit the picture of a bit of doorslamming?

Nobody ever learns the truth about boardroom departures, and that is fair enough. I would think ADO just wants to get on with it, and it is to the benefit of the company that it does.

If this is indeed the backstory, offloading the shares would be a contra indication of the likely success of ADO and implicitly the chairman.

OK so forget about all of the above.

Even if none of it is the case, at the very least you could assume a lot of renegotiating and marketing needs to take place due to lack of progress. I would think Bouris will be more than fired up and ready to take it on. Only my opinion but I think he is going to make a big difference. He's a brilliant communicator, has personal warmth, is convincing and able to grasp difficult concepts and communicate them easily.

More critically, he also believes in the product as a disruptive technology; it's a game changer. Believing in the product and understanding your client are key to being able to sell. There is no more lethal combination than charm, intelligence and a person who understands your needs. Further, Bouris is not a man who takes things on half heartedly. I don't know the man and don't watch much tv but I believe you can get a sense of him from his work, his achievements and his statements. (did I mention he is kind of hot? men want to be like him, and women like him )

All my speculative opinion. Pay no attention if you are looking for things to worry about.

There is always the chance that it is too late for ADO. But in a highly competitive cost pressure environment I'd think not; the savings are way difficult to ignore. It is a matter of quantifying them (to get the best mutual benefit and I'd say Bouris is a bit of an abacus) and effective communication to seal the deal.

Overall I am personally happy with the risk level of ADO but read my signoff...nothing is certain except the proverbial death and taxes....but I'm not so sure about the first one....

PS I am very stupid with figures.