Originally posted by iceman.11
Hey Jay, a couple of things mate.
Ev3n though they have not increased their holdings over the years you could say they have supported Admedus BY not selling their holdings years ago, them with ratty were the largest holders (?), which does/did give the top twenty shareholders registery some substance. If Minderoo had unloaded its entire holdings what fate for Admedus at the time.
Secondly, if you were Twiggy would you bother ch3cking your bottom drawer much, lol, he would not be sweating on it like some of us!
Nope The initial founders are to blame for this debacle because of the way it was structured in the first place.
That's my revelation. Your right about the "bottom draw bit" though... because they were given shares for free they basically have NO skin in the game..
Who sweats in the middle of the night with a holding about 0.0001% of your net worth AND you didn't pay a single cent of your hard earned for it?
What have you sacrificed?
And this is essentially the problem.
When something so unexpected happens and it doesn't work out how it should there is a kind of grief reaction.
For those that are aware of the grief process initially described by Elizabeth Kubler-Ross, there is the initial shock and denial (How could that be?), then anger (the bastards!) then a period of bargaining (searching for answers) then depression (unable to sleep, difficulty with others) then finally acceptance.
I have gone through all this with AHZ limited.
It was just so unexpected.
This was the company that was going to punch the lights out for me.
The one.
The products and science and prospects were so good it couldn't possibly fail for it's shareholders.
It apparently had it all.
But this was the trap.
At the end of the day it was just another biotech floated off by some Ex semi retired mining executives who with the benefit of hindsight (and though probably well intended) simply didn't know what they were doing.
It was now clearly doomed from the start for it's early shareholders.
The initial structure was
way undercapitalised. By an order of 10x times - possibly more. It was poorly managed and executed. And ASX rules are incapable of policing any governance issues or CR unfairness. But most importantly the players involved right throughout simply didn't have enough personal
real skin in the game when things started going astray to really pull off a turnaround.
To make the cold, hard, clear headed, non "hi five" nasty decisions to make it a success for it's existing
shareholders.
Or to have enough power to influence a change around when it was really required.
I happen to believe that opportunity was missed mid 2016.
Instead Code Red doubled down on the same initial mistakes.
I apologise to all shareholders both previous and exisiting,
If some of you found my questions and posts tiresome, boring, or even confronting? I'm sorry.
I was simply in the grieving process.
I was on a quest to find out what went wrong and why I made such a shocking error of judgement to invest when I did.
I now know why I did.
My error?
Greed blinded my clear thinking on trusting the initial players and ongoing management to be able to pull it all off.
They never did. Because the whole thing was "given to them" on a plate.
But there was some element of bad luck.
If the company had never listed in the first place the way it did (It should't have IMO) I would have never been tempted to give them my capital.
Someone else should have been given this opportunity. And probably outside Australia.
That may be a tough thing for some to swallow. I know, And it's easy to say with the benefit of hindsight.
But it is now my honest opinion.
Of course everyone is entitled to their own. And all the best with it of you don't agree. I feel for all who lost money. I certainly lost a lot.
But that's my opinion. This is what HC is for I guess.
It's for shareholders. Nobody else IMHO.
It's their voice and their means to "keep the bastards" honest. For unfortunately sometimes writing to BOD's, emailing companies, going to AGM,s watching webinars, heck even contacting PM's or ASIC is simply not enough,
Shareholders need to be given the opportunity to ask questions and search for answers.
I can now live with my mistake and I accept it.
I have moved on.
I am sorry if I had to take some of you all through that journey, but I simply needed to, in order to find out the answers.
Cheerio and all the best with it DYOR, IMHO, GLTA and goodbye.
JG
(20min delay)