well voiced Tomasp,my sentiments exactly but more detailed and...

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Ex Oyster farmer

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06/11/19

08:58

Post #: 41267840
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Originally posted by Tomasp: ↑

After investing for 3 years, and having confidence in the company to now some serious doubts - especially over cashflow management, dilution and remaining unanswered questions, I decided to sell yesterday at a very modest but nonetheless profit - Buy-in at 1.9c and sell at 2.1c.

Disappointed I didn't sell at the 11c peak or the recent 5c rise, but much better than holding on and selling at a loss or seeing my investment even further diluted.

In my view and interpretation of the quarterlies, this company has some significant cash flow management issues and as they attempt to ramp up their loss-making revenue streams, will be holding their hand out for more cash. Furthermore, instead of focussing all cash and efforts on selling profitable goods, they instead keep looking for new ventures and partnerships in which to sink more and more scarce cash - in what I could only assume are blind hopes that eventually something surely must work out and they can leverage off this, rather than actually creating value and profitability themselves.

Furthermore, after numerous attempts to get in touch with the company directly (at the request and direction of the company itself) I'm still with no answers to my questions. For me, this raises further red flags to the ones initially raised as a result of Sholom and Pnina failing to participate in the capital raise and back their own company.

These are the reasons I decided to sell. With an abundance of quality companies and management teams out there on the ASX (at all stages from micro to large caps), I think my money is better invested elsewhere and backing much more competent management teams that can generate shareholder wealth.

Good luck to everyone holding, I do really wish you all the best for the future. But for me personally, I said I'll stay invested while the company is true to their word, delivering on their promises and kicking goals - which it is my own opinion that this is no longer the case.

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well voiced Tomasp,my sentiments exactly but more detailed and elegantly written.
Cheers

CGB Price at posting: 2.0¢ Sentiment: Hold Disclosure: Held
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well voiced Tomasp,my sentiments exactly but more detailed and...

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