Some concern with management and board's ability to successfully execute the 5 year plan. Some recent aspects include- - For the last capital raise in 2017 they said Whyalla farm would open in mid-2018. This was then delayed to mid-2019 and now delayed again to mid-2020 - The last delay was blamed on not being allowed to use Point Lowly marina. If this was critical, why were they only applying for a licence and being declined by the council in May 2019 due to its poor condition and local opposition - In the presentation released 31/10/2017 for the last capital raise they had drawings of their proposed upgrade of Point Lowly marina. Why did this not happen following raising those funds? - Audited profit in 2018-19 was down 57% but the board still gave the CEO 85% of his maximum bonus. They are facing a second strike at the 2019 AGM - The ASX recently reported them for breaching Listing Rules by delaying reporting of Directors shareholding changes - They have stopped providing current year sales guidance after often falling short previously
Any thoughts?
CSS Price at posting:
78.5¢ Sentiment: Hold Disclosure: Held
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