Removal of a Director by members, page-242

Growler you have mail.

In short, I changes to the board are required as from Governance perspective there appears to be a big gap with the lack of independent experienced directors and shown to be an issue imo in view of past events that have transpired. Athan for his big salary, past track record and lack of proof that can deliver commercialisation opportunities that is current focus (not sure right skill set at this juncture) means he gives shareholder no choice imo but to seek his removal. I would like to believe more in his ability to execute their strategy but given nothing so to seek his removal becomes a necessity imo as messages about addressing Governance issues and improved reporting to shareholders on state of various activities not getting through.

I also believe John Schultz should be removed as having both Chris and John on the board means we suffer from lack of experienced Directors with relevant Corporate and Director Experience. John fulfils an important management role but should step down or be removed as director as carrying too many green and inexperienced directors.

I am concerned they have pursued an overaggressive expansion/acquisition strategy when would be better focussed on current capabilities and opportunities. Start ups need to be frugal and run on oily rags but they have built up excessive cash burn at this stage of development with next to no revenues, but huge executive salaries (red flag), acquisitions that have required some decent upfront cash (moreso for JCT) and added to already large cash burn with more staff costs and investment in JCT inventory. They seem to have overextended themselves and spread their attentions to thin which is reflected in not one new dollar of revenue flowing through since their backdoor entry via RYG.

They might have justified more their strategy if they were more forthcoming in communicating with shareholders and updating them on their plans but got bugger all for last six months and/or any explanations for many missed milestones. How can I support a company that delivers no revenue or seeks to reaffirm confidence they can succeed when just continuing to add to ever growing cash outflows with yet another acquisition that is some time away from being cash flow positive.

I just don't understand their communication strategy when they keep wanting to ask for shareholder funds to justify their aggressive expansion plans but not updating as on state of play for such investments like JCT.

I am pretty appalled at the lack of proper management communication and even more appalled that the one man Cadman advisor put as their front man for investor relations who refuses to communicate or answer any shareholder queries. I won't even start on his role as advisor for XPED or how appointed.

I think the tech is good, and Marty is good acquisition, but to move forward need a clean up of the board and governance issues to ensure shareholders best interests are protected.