which part of my statement that under this management we have...

which part of my statement that under this management we have breached 2 financial covenants is incorrect ? - it is from the Annual report published by this management.

Captain No Shares is quick to blame every bad thing to old management - he is in full in charge of the company now. Instead of giving himself a massive pay boost and putting together army of proverbial "thousands" and having a massive jump in operating costs, he had plenty of levers to pull to not breach the covenants. He has a new highly paid CFO for goodness sake to manage these things!

Another FACT for you.

Dean and Michelle Clarke held almost 3.5m Shares of the company at the time of departure - Dean Clarke has done dodgy things which i dont condone and he has paid the price for it by fire selling and what not - but the bottom line remains - his interests were aligned with wider shareholders - he held substantial holding of the company. Captain No Shares won't understand

Another instance of financial mismanagement from this management was the issuance of 4.38c of dividends - again in my opinion.

when this dividend was declared on 1st March 2023 - the company's cash at hand was 2.656m in hand - annual report 2023 page 21

Then during the half year results presentation in August 2023 the company said "On 21 April 2023 the Company paid a cash dividend for the year ended 31 December 2022 of $2,860,698" - Page 2 of half year report 2024

So essentially - the company promised to pay more money in dividends than it had cash in hand. this was highlighted by a number of posters here in HC. At the same time this management comprising of Captain No shares and Mr Almost no Shares - cancelled the DRP.

You are argue about receivables till cows come home but in my book (and in several others book judging by the spirited debate we had on HC) - this was very poor financial management and i cant think of any other reason but to benefit its biggest shareholder while ensuring their holding doesn't get diluted.

This management has absolutely no credibility - plain as day for everyone to see.