imminent ii

I posted this back in late Sept. Excuse me for the repost, but my thoughts then still apply now (and it saves me writing the same things twice). I'll add to it at the end.

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A lot was made by ACL mgmt of the 6 month GIVE initiative. But even a little research at the time (which I didn't do) would have revealed the long, long delays being experienced by the FDA. Did mgmt not know or were they as uninformed as I was? Then, when we had all waited so long it got painful, they indicated December 2010. Nope, never happened. Not even close. Moreover, notwithstanding some info that came to us late, we were told in every company presentation that we were likely to be the only generic. Wrong again.
Throughout all of this, when we were all twiddling our fingers waiting for approval, it appears that mgmnt was too. The stage three trial could have been started a couple of years ago (with either dilution or a partnership, something I was in favour of at the time) and we would now be getting the results and, all going well, gearing up for big revenues and two years ahead of any competition. Instead we are still trying to get together the funding. By September, or a slight slip into October we were told very recently - nope, it appears not. Now it seems December. Few here will be holding their breath, I'm sure.
All the while the sp has gone nowhere. Who would have guessed 30odd cents at this point in time? Not a single one of us. Now, don't get me wrong I'm a fan of the opportunities that ACL offers, and I was lucky enough to get in during the GFC so I'm still showing an okay profit, but surely we must be starting to ask mgmt a few serious questions? Can we really look at this and think it has all been handled well? Not by my way of thinking.
I'm hanging in here, and ACL makes up a significant portion of my portfolio, but I can't say I'm too impressed with how things have gone - and continue to go.
That's just my view, of course. I don't post often, and I hope the next one is celebration of the skyrocketing sp.
I really hope it is. I trust all of you are well.
-j

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Now, the funding came through a little earlier than December - it came in November - but it was very big dilution despite what management had continually told us was not going to happen. So, given that and the above, we are surely at the last chance saloon - Pete Smith said (was it in the last audio broadcast? People will correct me if I'm wrong) that by the end of the year he was confident Fonda sale would be around what would be our total market share - which I assumed to be 30%ish. Again, please correct me if I am misrepresenting him.

If this is the case, and we are nowhere near that figure then surely Pete's position as CEO is no longer tenible. Not because I am pissed off - who cares about me - but because his credibility has absolutely evaporated. What exactly has he got right in the last 3 years? Next to nothing in my view, except to make statements (which many investors have believed) that have come to nothing. All the while we've been losing money. I am fast coming to the conclusion that he's just not up to the job. It happens.

I'm not on a witch hunt, and I know this forum is currently quite divided (although for the most part civil, which is encouraging) but when do we say enough is enough? Although I think we're way past being 'patient', I'm giving it until we see the end-of-year Fonda numbers. If those numbers disappoint the sp will take a flogging. And if they aren't as Pete suggested they should be, then I feel he really must go.

Pretty negative post, I'm afraid, but that's how I see things at the moment. And with the sp where it is, I'm afraid the market agrees with me. Notwithstanding that, I hope everybody enjoyed a good xmas and new year.

Regards,

-j