I wrote the following letter to express my concerns about ADO shareholder communication to Derek and Jack, but did so via the investors email address because I couldn't locate one for either Derek or Jack:
Attention of CEO Derek Thompson and Chairman Jack Hamilton.
I, along with many other ADO shareholders, am becoming increasingly frustrated with the lack of transparent communications from AnteoTech to its shareholders and potential investors. When poor communication concerns were previously raised at an AGM, there was recognition of some justification of this criticism by Jack Hamilton, along with a commitment to improve shareholder/market communications. That improvement however has not become apparent, and if anything communications have actually become worse. It is causing investors like myself to lose confidence in ADO management, as there is an underlying feeling that the lack of communication might be by design to cover up mistakes that have been made by senior management. The company has never been able to generate meaningful income from commercial activities, but has now arrived at a point where that might be about to change. For that to happen it first needs TGA approval. All the information the market has been provided with about this is that the application has been submitted, but that the TGA required further information which the company would be providing for the application to progress. ADO shareholders have been speculating for months about when the TGA will finally approve the ADO application. Every day that passes represents lost opportunities to lock in lucrative contracts that will allow for C-19 testing with AnteoTech readers that will help free up the economy and movement of people, with the Queensland government a very keen observer and ready become an AnteoTech customer.
I’d like the company to clarify a number of events in relation to the TGA application:
When was the initial application submitted to the TGA?
When did the TGA request for additional information and what information was requested?
When was that additional information submitted to the TGA?
Has the TGA subsequently requested further information, and if so, when, how many times and what further information was requested?
If point 4 applies, but the additional information hasn’t yet been submitted, when do you expect it to take place?
When do you realistically expect the TGA to make a decision on the ADO application? I understand that TGA turnaround time frames are in the 3-5 days range from the time it starts to assess a fully completed application.
I appreciate that you may not be able to provide exact details of the information requested by and provided to the TGA, but you should be able to advise of the type of information requested and submitted without providing the level of detail that could be considered commercial-in-confidence or that most investors like me may not even understand. I think you owe it to the shareholders and potential investors to communicate greater detail than the very general information you have released in relation to the TGA application thus far. The lack of information provided thus far reflects badly on ADO management and is causing investors to lose confidence in senior management. The company is on the doorstep of finally becoming a viable financial proposition, but the analogy that comes to my mind is that right now, not only don’t we know if you are missing open goals, we don’t even know if you are shooting for goal. Please clarify this for your shareholders.
(20min delay)