Whilst CEO' & CFO's usually decline to comment on the share price of their particular company, they don't mind receiving bonuses for attracting high value shareholders, willing to purchase a certain amount of shares in that particular company. As mentioned in a previous post and in MJP's case, NZ$15,000. From then on you are no longer that valued as a direct supporter of this business. I get a real sense that this applies to Martin Aircraft Company. If it would not have been for the financial support of all shareholders, Glenn Martin (and his wife) would have continued to work second jobs, whilst continuing to experiment with their various prototypes in their Dunedin garage. And on that subject, I can't help but being disappointed about Glenn Martin's decision to leave the company just 3 months after seeking direct financial support from people like us. I based my purchasing decision on his direct involvement and assumed that he would stay with the company until at least the first viable jetpack would have been sold. Instead, he handed over just 3 months after the IPO, to people who had mostly only joined the firm a few months earlier, often without any jetpack or aviation related experience. His passing words apparently were "Deliver the dream that people want, not the product that is easiest to build. Now don't f@#k it up!". According to MJP's 30 June 2015 financial report, Glenn received NZ$10,000 from MJP each month for his services and whilst he was able to sell around 6 million shares just prior to the IPO, he is still holding a huge MJP portfolio that he can't sell until the escrow expires in February of next year. If I would have been him, I would have stayed on as a board member, at least having some influence. And what do we have now, a ludicrous alternative golf cart proposal, possible flying no faster than an electric mobility scooter, with a total payload of just 100kgs and a range of 15-20 kilometres, allowing only a select group of quite skinny people to fly this thing with a full tank of petrol. With these revised specifications, I have no idea what this thing could be used for now or who would buy it, if ever it is ready in 2017? And what about Dubai? Have they changed their mind when they learned about the spec downgrades? Forget the 500 per year capacity promises, stop making promises you cannot keep and amend your website with the revised technical specs. You have 100+ people working for you and it does not take more than an hour to amend a website to the current state of affairs. Stop misleading shareholders and non-shareholding aviation enthusiasts. Also please hold your next AGM in Australia, since you are listed here. I would love to attend to make a few statements and to ask a few very specific questions. I also can't wait to vote for the various resolution you will propose on the day, including management/board member re-appointments and ongoing remuneration requests. If I were 'you', I would not ask for a single performance bonus.
MJP Price at posting:
44.0¢ Sentiment: Sell Disclosure: Held
