The share price was around $0.08, having fallen from over $0.30 several years earlier.
At the time David was hailed as the “White Knight” to finally bring to commercialisation, the outstanding intellectual property that ADO owned in both the Diagnostic and Energy storage markets.
The performance and market potential of this intellectual property was considered internationally “best in class” and in fact still is - if the information that has been provided by the company is valid.
Fast forward just less than two years, the share price has fallen to close at $0.024 last Friday, we haven’t signed one commercially binding contract and we have had two, that’s right two, Capital Raisings!
By any meaningful measure, the performance under David Redford, so far, has been an abysmal.
I am sure that even the most optimistic amongst us - and there are quite a few, would never have imagined that two years down the track we would be in this position.
It was always going to be a very tough gig selling new technology from an Australian minnow to established international conglomerates, but that was a known at the time of the appointment - as was the commercial significance of our proprietary technology.
Also, the renumeration and bonus package were more than appropriate for the task.
So where does David and his management team go now - aside from the bleeding obvious need to sign some commercially significant agreements and secure meaningful grants from the well publicised Federal and State Government Development programs.
In my opinion they have to understand that the Retail Shareholder base has consistently been the major support provider for ADO for many years and in fact probably, is the only reason that it still exists today.
They also have to understand that this last Cap Raising is just about the straw that breaks the camels back and in my opinion, the respect from retail shareholders for him and his team, has been significantly eroded.
Retail share holders simply have to be treated with the consideration and respect that they deserve and are entitled to.
How could they start reversing this situation?
Some suggestions:
- Drop the perceived arrogance and gain some humility when dealing with retail share holders.
- Engage more meaningfully with retail share holders - as you would with Fund managers!
- Tell us what’s happening and why - not once in a while, but regularly.
- Review and question some past direction and decisions - eg let’s have another Cap Raising at $0.025!
- Obviously, signing contacts and generating some real income would be a real bonus!
(20min delay)