Well that was an extremely long winded and drawn out read of the fantasies you hold in your head about Phoslock.
Let me go through some of these fantasies that you hold onto.
1. These are your comments regarding the June quarterly update released at the end of July .....
....the commentary in the quarterly update was positively glowing ('Appendix 4C quarterly (Q2 2023) and Business Update', 28/07/2023)
....on the 28th of July, the management were indicating that all was hunky-dory: the outlook was bright, and they apparently had sufficient cash-flow and cash reserves to get them through the next few years.
…. it becomes increasingly clear that the rosy outlook that was presented in the Second quarter update seems to have been largely justified.
.....Needless to say, there is nothing in that would seem to indicate that the company was on the edge of the abyss.
All of this if utter nonsense.
The business update section of the announcement was built around the following words - discussions, negotiations, opportunites, enquiries, increased interest, potential, indications etc. There were no facts given regarding completed contracts, or actual meaningful sales.
This was all fluff purely designed to document the illusion that directors and management were working hard.
You obviously did not read the outlook section of this report .....
"The lead time for converting opportunites into sales, and then into cash receipts, has always been, and remains difficult to predict.
These timing uncertainties continue to be frustrating for the company and its shareholders. Whilst we have funded this lead time out of our cash reserves in the past, there is a limit to our ability to do this indefinitely.
The company has a limited period within which it must begin to realise and achieve not only its strategic objectives, but financial progress and results."2. These are your comments regarding the viability of the company ......
.....there is no real reason to believe that this ship could not be turned around.
.....There's no compelling reason to think that Phoslock couldn't be salvaged.
.....reading between the lines reveals that there is no valid reason for the company to cease its operations.
Again, complete & utter nonsense.
In it's 20 odd years of existence, this company has never turned a profit. In fact all it has achieved over this time is to accumulated $84 million in accumulated losses. The one and only reason it managed to survive so long is because of the incredibily large "donations" given to it by shareholders (largely used to prop up the ongoing salaries & lifestyles of directors and management).
For a while now it has been evident to many (or at least those who are capable of reading and interpreting financial statements) that this company was going under in the near term.
In fact the directors stated this to you in their last announcement ...
"Given the lack of consistent sales by the business from its inception and the ongoing investment necessary to support product development and market expansion, a significant capital injection was required to support the ongoing long term operations of the business, at a level that could achieve sustainable business profitability."In other words, the level of capital injection required to support the business into a profitable situation is just not tenable.
3. Your accusations that the board is winding up the company to protect the reputation of Laurence Freedman.
Whilst I very much enjoyed reading your commentary about the relationship between directors and their motives, you have made some very serious accusations here....
….it does appear as if the aim of the directors is simply the derail the company, in order to protect Freedman's reputation.
…… if the current board get spilled at the next AGM, as seems likely, the investigations will still be underway when new, independent directors are on board. In other words, Freedman will no longer have anyone to watch his back.
....... Given how livid Phoslock shareholders are, you'd have to assume that the board is set to get spilled at next years AGM.
Here's the problems with your statements -
This company will never hold another AGM.
The dissolution of the company will in no way provide any protection to individual directors or office holders from potential prosecutions or liablity from any wrongdoings they may potentially be found guilty of.
Your comments seem to suggest that the board is involved in a cover up.........which I have to say I do find interesting !!
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