I admire your ability to see positives serena, I really do.
And the low was very briefly at 5.2c so I'm not sure you can say too many are taking profits ATM....most are sitting, or taking, various degrees of losses. I imagine most have almost written this investment off, bottom drawing it and just occasionally tune in with the hope that one day the company might actually achieve something.
But this quarterly is a schemozzle. Looks like it was written in about 5 minutes, with absolutely no understanding that they are a public company that should be keeping current, and potential, shareholders in mind.
Instead we get another change in direction. More redundancies. 'Milestones' that apparently are extremely important, but not announced to market. First prototype results 'very good' (not excellent or outstanding). Hardly a technical summary for us to actually understand what is happening. No mention of the batch testing results after the initial batch required adjustments. Are we still even doing that? Just a line about concentrating on the spectrometer. No timeframes. No actual details of possible products. Another prototype to firstly build and then test.
Absolutely no mention of the word 'commercialisation' or discussions with potential customers.
Meanwhile, cash is critical, especially with the rate they are spending it. I can see some huge dilution and/or credit notes being issued soon....that would make sense for the reason behind the new Non-exec director.
If it's taking this long, the technology should have stayed in the Uni labs until far more developed.
Just wish I had done my usual MO with PSY and got out on the recent pump.
Rant over. Sold half my holdings today. Will decide my exit strategy from there. Luckily my buy in was 6.2c, so more frustration than financial pain.
Milesy
PSY Price at posting:
6.0¢ Sentiment: None Disclosure: Held
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