Ann: Investor Webinar - May 2024, page-21

ADS Shares Outstanding : annual - last 10 years. (m) 974.2 1,046.3 1,18.2 1,280.9 1,285.0 1,587.9 1,843.9 1,981.9 2,204.3 2,479.3

The above number say it all. 10 years ago around the time Facilitate digital merged into Adslot, there were 974 odd Million shares
Now there are 2,400 odd million

Without any profits eventuating, this is in effect creating "shares out of thin air" akin to fiat "money printing" in other words devaluing shareholders stake in the business.

Facilitate Digital was a great little start up with so much promise and Ben did an awesome job growing shareholder value.
Then it was rolled into Adslot and I know for a fact (watching my original FD capital eroded since) things have not worked out from there.

My question is why?

I'd buy more in a heartbeat on your above assessment@Quiono (and turn my rating into a buy) if I could be convinced the BOD were not simply running this thing as an ad agency (ie for themselves and their and employee salaries) rather than as an engine for growth and a return for shareholders

Time and again I see this with small caps on the ASX - they use CR rule 7.1 to dilute and dilute to simply kick the can down the road.

If it's a failing business. Let it fail. So I can move on.
If it's a growing business, then let it grow so it only benefits existing shareholders.
Convince me they will do that?, - run it from here as a venture capital style outfit, that is not farm out any more future shares to outsiders and I would buy more stock today.

However it's once bitten twice shy

So what's the story from here into the future?
More shares that only benefit me and only me as an existing shareholder?
In other words a renouncible rights, or will it be yet another variation of the small cap ASX style of dilutional funding ?
Why would I risk outlaying more capital into this venture at this stage, if the answer to the above question is more dilution?

See Rule 7.1 effectively gives the BOD license to rinse and repeat.

To buy more on market at this stage risks trusting the BOD they will not do that.

Happy for my opinion to be swayed otherwise

Just MO

Cheers. NA