We have been advised today of the appointment of a fund manager.
The interesting aspect of the detail advised in the last quarterly report was the positive spin regarding the investment in HVT which had increased from 0.39 C to 0.95 C in the last quarter. Sad to report that the latest price of HVT is now 0.80 C and are absolutely overweight (more than 50%) in that stock!
At the same time we were advised that LABS stock price had grown from 1.74 C to 3.34 C.
The Board (in its wisdom) unloaded 2,000,000 shares of LABS. (current value 10.45m C as
LABS stock price is now 5.24 C.)
We have AUD 11m bank balance, 1.3m in LABS stock and 2.9m LABS warrants. I cannot but consider what might have been had a different strategy been adopted!
One of the board members who oversaw this strategy is sitting in the new fund manager.
More of the same?
Incentives based on hurdles including asset backing whereas the Mkt Cap is where the problem lies.
Really sad what has happened and continues to happen here.
Ann: MMJ NTA Backing and Portfolio Performance, page-14
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