Yes , am I right in saying the "mandate" you refer to is for the underwriter (who is meant to take up the shortfall), that is the usual work of an underwriter?, but in fact has actually pulled out themselves, why? but being mandated to broker a deal to find some other investor/group/person/mug ?
Furthermore, it's my understanding that Pinnacle are already holders in NOR, correct? If yes, why are they not willing or able to raise the capital?
Perhaps the CEO could be so kind to forgo his $370k plus annual salary and upfront those funds for 24 months to cover the shortfall? He would be rewarded by all these new shares that (if he does his job admirably) will reward him and his fellow holders with a decent ROI.
One in all in attitude?
Loss of $6m and $4.4m and the CEO wants a bonus?
As per fin report.... "Managing Director’s Remarks As a Company, we are delighted to present the Norwood Systems Limited (Norwood) FY18 annual financial report. This has been a strong year for Norwood defined by continued interest from top tier partners and re-energized interest from travel and loyalty prospects in the now launched World Wi-Fi and World Secure products.
Seriously, strong year?
Raised $4m last year including the ATO reimbursement and still managed to make a loss of the same amount.
$8m backwards for a two bit tech company is a big waste of money.
Accumulated over $35m (losses) in previous 4 years.
BTW...Who is this bloke?
Giles Everist Non-Executive Director Mr Everist joined the Board of Norwood Systems as a Non-Executive Director in November 2015. Mr Everist has extensive corporate and financing experience, having held executive financial roles at Coopers and Lybrand, Rio Tinto, Fluor Australia, and Monadelphous. Mr Everist has previously chaired ASX listed companies and brings outstanding corporate governance credentials and superb finance capabilities to the Board of Norwood.
- Yet cant even get the underwriter to write a cheque for $600k?
The CEO wants $376,000 p.a inc options for a company that has $30,000,000 in accumulated losses in the past 4 years. he was on $195 last year got a 190% increase, why?
Wow, imagine he actually did his job successfully how much he'd want?
Tell you what, I'll put up the $600k but I want them price at .002c each, 30% less than the NTA as per latest financials. Subject to removal of the CEO and the rest of the board.
As for that Spark agreement I read, very light on info, always suspect.
$4m loss last year and Employee and director benefits expense 5 ($2,418,037)
That tells you enough.
Also over $1m in liabilities.
As per report:
Going Concern These financial statements have been prepared on the going concern basis, which contemplates the continuity of normal business activities and the realisation of assets and settlement of liabilities in the normal course of business.
As disclosed in the financial statements, the Group incurred a loss of $4,044,223 and had net cash outflows from operating activities of $3,648,441. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern.
The government grant was 3 x the actual revenue of the company, what a joke.
The only shining light this company has IMO is the forward carrying tax losses.
Other than that it stinks IMO.
NOR Price at posting:
0.5¢ Sentiment: Sell Disclosure: Not Held
(20min delay)