Ex-LBT shareholder here but participated in the webinar this...

Ex-LBT shareholder here but participated in the webinar this morning as I was interested to hear from the relatively new chairperson and Brent on the rationale for the raise and what got them to the current state.

Going by the questions asked, it was clear that there were many angry shareholders out there. I also have to be honest that the responses to my questions around the persistent underperformance of management, whether an independent review has been undertaken (with the appointment of a new chairperson), lack of accountability, directors' lack confidence in the company to purchase on market over the past few years etc.. were too wishy washy for my liking.

I also got the impression that if raise was not undertaken, the company could possibly be placed into administration. Yes, the proceeds from the raise would be used to pay down debt etc but one of the main underlying issue is that costs still outstrip revenue... We are just kicking the problem down the road to be dealt with later because costs still outstrip revenue, and that costs have already been cut so not sure how much more savings can be achieved as the company bunker down and focus on cash preservation moving forward.

Maybe they should consider asking Lusia Guthrie to come back as an independent director and also to lead ab independent strategic review to fix up all this mess

Just my two cents worth