Good grief... I had read the article again in utter disbelief.
"Therefore, my holding and that of the other directors is 100 per cent aligned with LWP shareholders, and the board is making every effort to restore that value," he said."
Ziggy - exactly what effort are you making to restore value? Bridge isn't the answer! Put your "tiny balls" on the block and table a comprehensive recovery plan. I don't believe you have one and if you do, I suspect it wouldn't be worth the grubby little cocktail napkin it's written on... much like your recent corporate governance statement. Best you fold, hightail it back to HQ and start working 24/7 to restore faith in your irate shareholders. That is, if the authorities don't catch up with you first concerning your long rap sheet of alleged failings!
"Mr Konig said the proppant product is ready for commercialisation, but the drop in the oil price has led oil and gas companies to cut back on capital expenditure."
The oil price. Dear me... that old chestnut. The evergreen excuse for dismal performance when all other excuses fail to gain traction. Ziggy, your proppant product was supposed to be "ready for commercialisation" in low oil price environments - remember? Market risk aside, how do we know your "tiny balls" are ready for commercialisation? Where is that elusive, irrefutable and independently-verified proof that shareholders can eyeball and bank on? News flash - you won't be able to restore value and faith without it!
"Mr Konig responded to the ASX with a statement saying the company was taking steps to achieve positive cash flow, including halving the pay of senior executives."
Not even close to being enough for a company in distress! I do this for a living. If you really want to 'cut fat', I know exactly where to begin Ziggy... and you're not going to like it!
"But Mr Konig disputed that assessment, saying an independent third party introduced the board to the project, which had the potential to make LWP a very valuable enterprise and that he "personally saw the lab construction in progress"."
An independent third party, you say. You mean Barry Dawes, Ziggy? Wait... the guy you've "known for over 10 years..."? Bollocks he was independent - I don't believe you. And if Barry saw the lab construction in progress (knowing exactly what to look for being a battery lab construction expert... NOT!), I suppose he wouldn't mind sharing a few photos that he must have taken and shared with you in his management update? And where is the evidence of that battery prototype you said you had tucked away in your secret ice cre.. ah, battery lab... did Bazza personally oversee its construction as well, between a few oily massages perhaps? Well... we all know what transpired in the following months. What a shemozzle! Ziggy, I don't believe you are in any position to dispute Brad's assessment - as far as I am concerned, he was bang on! The Graphenera debacle proves as much.
"While Mr Konig said the company did nothing wrong, the ASX forced LWP to undo the deal."
Wait... you did nothing wrong, so... the the ASX forced you to unwind the $500k FRB deal - is that what you're saying, Ziggy? You were clearly wronged (cough..). Will you ever hold yourself to account? Are you even the slightest bit ashamed of yourself? Do us all a favour and look in the mirror... yeah, at that guy... tell me if you like what you see... what your actions have inflicted on so many people. Reading people's stories of loss was heartbreaking. I honestly don't know how you wake up each day with that burden on your shoulders. It's disgraceful.
Ziggy... you haven't attracted a strengthening shareholder action group and a cross-platform media onslaught for being transparent, honest and credible... it's no fan club, trust me. It's time you rise from the depths of denial and face your shareholders like a Chairman... like a man.
Come clean. Fall on your sword. Close the doors. Play bridge if you must.
For that we will respect you.
gh.
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