Re staff costs, executive salaries are at the following link: http://www.reuters.com/finance/stocks/companyOfficers?symbol=MST.AX Overall staff numbers according to Google Finance for Q2 (June 09) = 32. Imagine it would be similar now.
Given that why we have all stuck with the company is their incredible intellectual property I think we're fortunate that the staff costs for the "backroom geniuses" aren't higher. Remember, if you pay peanuts you get monkeys, and we don't want monkeys designing cutting edge high tech weaponry.
Everybody is frustrated that this IP hasn't been translated into commercial development yet, but it would appear that it is getting closer, and now that funding ensures the company's viability for the immediate and medium term future, its a lot closer to happening now.
Refer the key paragraphs from the announcements:
"The facility provides Metal Storm with funding for approximately 24 to 36 months, depending on the size of each draw down. The split between compliance, administrative and product development/marketing (?commercialisation?) costs will also vary based on the size of each draw down. However, if the facility performs as expected, the Company anticipates that approximately 60% of the drawn down funds will be channelled into commercialisation.
With this information in mind the Directors believe the Company to be a going concern and therefore in compliance with listing rule 12.2."
There have been a lot of gainsayers, and complainers about the low SP, Chinese conspiracy theories, US bashing etc etc. Well this a great opportunity to get in at the same bargain basement prices as the big boys, I certainly have. It is obviously still a high risk investment, but a lot less so now than 2 months ago. And what an opportunity if it does come off.
Management may have done things differently, but I don't think they're chimps, and we don't know the full story. And if some overseas companies make a lot out of it, well good luck to them, as long as the company remains viable and we smaller shareholders get a piece of the action as well.
All of us want to get some returns for our investment, and I don't care how they do it, and it may fall flat on its face, but at least we've got another two years to turn high risk into low risk plus huge capital gains. Then I'll just to have to worry about the taxman, not the company, but I'm prepared to put up with that hurdle lol.
MST Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
