I came in on the crowdfunding round based on the BRP presentation & the declaration of an imminent IPO. It was only supposed to be a 3-6 months investment, that was nearly 4 years ago.
I honestly don't think the vendor of the BRP is the bad guy here, it's a simple case of the management not doing their DD properly. The BRP plant I'm sure works as specified, if that wasn't the case the company would take legal action. To date there has been no mention of any legal action, the AGM would have been the time to bring that up.
So leaving the BRP aside, as IMO it's dead money long gone, does Sircel actually have business that can become profitable? The ramp up in processed volumes over the last 2 years has been snail pace & yet they seem to have more operational sites with every update. To me the focus is all wrong, they're putting the cart before the horse. Get the existing sites cash generative before setting up more, until they do that they don't have a proven business model. They keep getting more supply agreements for feedstock & there's a mountain of e-waste in Australia so that's not the issue.
12 months ago after the previous AGM I was very hopeful they'd turn the tide. 12 months on they seem to have made little progress financially despite having the funding, the feedstock & the processing sites.
I've lost faith in the company management, if it was a listed company I'd have sold by now.
