Investors submitted 10 questions and Gerard allocated literally two minutes to them in total.
Asked about one-off costs, he mentioned "audit fees, ASX fees, insurance costs, ATO costs" etc.
I can't believe it needs to be said, but these are not "one-off costs". These are recurring costs; literally the opposite of one-off.
(Give me strength...)
On the topic of cash generation, he was careful not to commit to anything at all and used vague language like "moving towards" profitability. Companies that are actually going to become cash flow positive typically state that they expect this to occur in Q2/Q3/H1/H2 etc.
[...Insert giant red flag here...]
Then Gerard described the share price / market cap as "incongruous", implying he considers the company extremely undervalued. Somehow, though, despite making $400k+ p.a., he can't find enough incentive to make sizable on-market purchases himself. (He just wants you to do so...)
The whole thing is genuinely insulting considering Mr Dyson has personally overseen a 90% destruction of capital. Not one word was saved for those shareholders who've lost almost all of their money.
The problem is this: Spectur doesn't need more presentations. The market will re-rate the stock if it actually produces cash. The only reason to do so many presentations is to tell/sell a story for the next capital raise.
Somebody please tell this guy that his job is to fix the obvious operational problems, not dole out mediocre presentations 15 times a year.
Better yet, the Board should just accept that our MD is way out of his depth and find someone with actual business experience...
Vote No to the remuneration report - and if our Directors can't / won't appoint a competent MD, then let's vote them our of their positions too.
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