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I attended yesterday and will try and give my thoughts on the various issues.
At a guess approximately 15-20 shareholder attendees. With Wayne, plus the Admedus Financial fellow (?) and the local Company Secretary (also Director) Stephen Denaro attending . The meeting was quiet and polite. No abuse of Wayne at all.
No other Directors present and especially the Chairman John Seaberg who did not attend (again!).There were a couple of people at the back with an impressive video setup. I asked when registering and was told there were no journalists present.
I asked several questions and there were others from the audience (4 or5 maybe) and my questions were mostly so I could confirm details of the business, but of course the attention grabber (Q1 )was the one about how the $6m from the current Infusions sale available 1st June would carry us until later in the year BUT what happens then? …. Answer from Wayne was that he was working on it and had several good leads but did not want to comment until negotiations complete.
Q2 …..I asked about my reading in the annual report about the half-million writeoff of stock … Wayne answered that it did indeed occur, that there is indeed a shelf life, and that the production wizard fellow who came out 4 or 4 years ago and got the factory working was no longer with us. It may be that the cause of the writeoff was not the shelf life issue. I got the impression that Wayne did not know why, and so we moved on.
Q3 …Creditors’ meeting last Friday … what happened? … Wayne answered that since we were owners of some shares in that company but the administrator was someone else it would not be proper for him (Wayne) to comment. Only the administrator should make any statements which may or not be made.
Q4 … TAVR … My Q & A brief discussion improved my understanding in that the development process is in two parts going forward. There will be the insert of a valve (or valves?) into human(s) using open heart surgery which tests the efficacy of the valve, and separately, there are still the large animal (cows I think) which will help prove the efficacy of the catheter insert. The design of our new TAVR will be made final in this coming June, and I do believe now that there is great value for us in this TAVR technology. I suspect, but not for certain, that this is where Wayne will be looking for the money we need … some sort of partnership I suspect. Huge money market with incumbent big pharma which will want to protect their market share.
Q5 …I asked about approval by Australia’s TGA … Wayne said that he would be flying down to Canberra today (Wednesday) for meetings with TGA to try and identify what has been blocking approval so that we can move forward and get Adapt patches approved.
Q6 … What has happened to development of new Adapt products, such as tubes for heart bypass operations to save ripping the patient open to harvest veins?Answer: still in progress but takes time and there has to be trials before release to the market, so not in our plans for the immediate future.
Wayne spoke about how we retail investors should not sell, but hold on and everything will turn out OK. I have well over 1 million shares at approx. 40 cents each and am much more comfortable than I was before yesterday. I will continue to hold.
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(20min delay)