re: Ann: Letter to Shareholders - Investor In...
Hi joewolf
Okay joe I'll take a hint out of respect for you.
I think it's worth mentioning I had a phone conversation with a member of management a couple of months ago.
During this conversation I raised that Intermoco would not be in profit by calendar year end or even breakeven as mentioned during the AGM. This was not negated but reasons given re contracts deferred solar rebates etc etc.... Also mentioned we needed many more contracts beyond 17 to get to even or in profit.
I have been a shareholder for longer than I care to remember. I have now come to a point where I have simply heard enough spin. If the company was producing any sort of result management would not have to bombard desperate shareholders with spin.
I could have attended the information session but chose not to simply because I have heard it all before. Listening to management from personal experience has been a frustrating waste of time. How many times do we have to here about the potential opportunities and that management are confident.
sdmartin's recent post summed up my opinion perfectly.
As far as the cap raising goes I did not participate. The cap raising will be the worst result yet. Let us not forget that we shareholders bought stock in this company well before it looked like ever making a profit. Maybe we will do it again. The market in general is not interested because management have failed to demonstrate that the business model has any credibility at all.
The company need about 1.5 million to keep it going for a while. Sophisicated investors put up 400K. Copolos extended con note 300K that leaves us shareholders to put up 800K. Copolos has not underwritten it or wait a minute he will unofficially.
The more shareholders put in the less Copolos has to. Is this the last cap raising required ? I would not be holding my breath on that one. We may need Copolos to step up to the plate again. The less he puts in this time the more he might put in next time. That's ofcourse if there is a next time. Maybe this will be their final cap raising. Lets hope so. 6 Billion, 14 million shares....each cap raising dilutes each shareholder every time.
19 contract wins but we are still burning cash. I don't know how many contracts are required to break even. I hate to think how many.
Over the years the management have talked,talked and talked. Participated in cap raisings as a routine event. Demonstrated confidence year in year out. Their consistent attitude is something to be admired.
Sadly from a shareholders perspective nothing has changed. We do have 19 contracts but the company still burns cash at an unsustainable rate.
The big question is how much more money is the Copolos Group willing to provide to keep the wheels of business turning. Lets hope we're not even close.
The robust pipeline is now the strong project pipeline. Lets hope the different pipeline is a catylst for change.
Good luck to Directors and please keep talking. In the absence of any real result that is all we have.
AHL Price at posting:
0.1¢ Sentiment: None Disclosure: Held
(20min delay)