Well, another vote of no confidence in Joel and Bane by 3 very experienced and qualified individuals.
It would seem pretty clear to me they quit as opposed to being pushed, otherwise Joel and Bane would of already had new Board appointments ready to announce.
Belinha Gibson only lasted 6.5 months and the other 2 lasted one year. It would not appear to me their job here is done given information contained in the announcements detailing their initial appointments.
- Class actions and ASIC charges still pending.
- M&A activity must be completed if it is.
-Corporate Governance regime must now be top notch!!
It seems quite a few shareholders continue to have full faith in Joel and Bane.
I don't think the market does, given the share price is now at a substantial discount to cash backing and 3 highly credentialed suddenly resigning from the Board all at the same time.
Chalk and cheese when comparing respective qualifications, work history, achievements, and experience.
A number of posters continue to believe greatly in the comments made in this quarterly by Joel and Bane.
I suggest you go back and read the announcements made on the day of listing (9/12/16) and when those two large capital railings were completed (May 2017 and late 2017).
They have effectively promised to deliver the same thing in each announcement, but their track record indicates they are yet to deliver. They can talk the talk but haven't yet walked the walk.
What was that statement Bane made years ago about BS, walking and talking!!
In regards to the figures in the latest 4c.
There are now 3 parts to the business. The original part, as well as each of the 2 businesses they recently acquired.
The market now has no way of knowing which business is doing which, especially given they will no longer report delivery figures.
They continue to not be transparent about the make up of revenue. Ask yourself why that is!
$1.085m sounds good on paper. I notice 15% of that came from a refund that has not been received before. Who knows whether this will be a one off or if it will be ongoing.
I continue to be sceptical about these comments about needing to spend large sums of money on client integration and geographical expansion. I have heard it all before.
I remind myself how GSW contracts are structured, in terms of ceasing to use the platform at any time without any cost or break fees.
GSW would want to have very strong levels of certainty that contracts/use of the platform will be ongoing to justify the expenditure.
I have read all of this before from Bane and Joel, but the evidence to prove they have the ability to pull this off is yet to be seen.
They have had dealings with many big players like CBA, NAW, Amazon etc etc, and they appear to have come up empty.
Large prospective customers must be highly sceptical about dealing with these 2 guys, given the accusations levelled against them.
The believers will keep on believing, and the sceptics will remain sceptical.
The words are cheap, the figures will determine the success here. They haven't been great so far.
GSW Price at posting:
23.0¢ Sentiment: None Disclosure: Not Held
