No, I never mentioned anything about the poor timing and value of the CR with anyone. I'm as disappointed as most here about the constant dilution but see it as a necessary evil until things have progressed further. In hindsight, it's easy say they should have raised at different levels and been less dilutionary, but we'd all do things differently with hindsight. I think they have to play the hand in front of them for now, as painful as it is. I think from memory, someone on the board saying something about the need to strengthen up the balance sheet at this stage. Hopefully our hand gets stronger soon and we are able to get better deals moving forward.
I tend to play in the speculative end of the market (more fool me) and have witnessed similar dilution from plenty of similar sized companies along the way. It's the nature of the beast. It's the retail investor who gets the raw end of the stick. You hope that one of your micro cap companies can fulfil their potential and more than make up for the failures.
If the story hasn't changed and progress seems to continue, I still hold faith. If that changes dramatically, I'll reassess, cut my losses and move onto the next one. As DR has mentioned previously, since he has come on board, the focus has had to change from R&D driven company to one trying to develop into a sales driven one. I wouldn't imagine this to be an easy task and a totally different culture required to do so.
I've often followed exploration companies who seem to have a no-brainer winning deposit or discovery but fail to make it to that next level as funding is so hard to secure, no matter how good it looks on paper. When looking at ADO, it's not a commodity we are trying to sell but revolutionary tech products. Without runs on the board or proven record, I'd imagine to be a difficult to even get your foot in the door of already successful businesses. Hopefully once we've cleared all the hurdles for our first major contract, others will soon follow.
Good luck to us all.
The Bogan
ADO Price at posting:
1.9¢ Sentiment: Buy Disclosure: Held
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