Ann: Managing Director's address at 2015 Annual General Meeting, page-7

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m0ngy

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25/11/15

17:46

Post #: 16477049
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Originally posted by No_8 ↑

What can one say?
This is a corporate disgrace of the highest magnitude. I would not be at all surprised to see the providers of incompetent professional services checking their professional indemnity policies to ensure they have sufficient cover to meet remedial costs for inadequate plant design, specification and supervision.

Also suggest directors need to check their cover. This has not played out as defined in the prospectus the directors signed off and I suggest this is not the last we will hear about the VXL fiasco.

Such a great shame and wasted opportunity. Great RM, apparently customers lining up to purchase a world class product, and the plant is so bad it cannot even produce a minimum quantity to ship to customers.

I have collated the 5B filings from Sept 14 to Sept 15, 5 reporting periods. First the positive, $4k in receipts.
Then we have expenses, Explorations and evaluation $1.8m, Development $2.6m, Production $5.6m, and administration $5.6m.
How could anybody with an ounce of commercial nous allow this to happen and not recognise that something was seriously wrong with the business processes? I hope somebody stands up and accepts responsibility for this destruction of shareholder value.

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Yes very sad. I would think that the actions around getting the plant cash flow positive and raising finance etc have less to do with saving the company, which is a lost cause in my opinion, and all about management self protection from claims against them.

VXL Price at posting: 11.5¢ Sentiment: Sell Disclosure: Not Held
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Ann: Managing Director's address at 2015 Annual General Meeting, page-7

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