Anyone going to this meeting? Shareholders need to do something to set this company on track. It is sitting on a cash box and needs a bit more direction than going into solar panels / battery storage etc. Some drastic expense reduction measures need top be taken. Last years annual report they talked about directors fees being cut by big percentages. This sounded great at first, but this was only there directors fees, not their remuneration which was their main source of income.
This is from Sept 15-
What is cash now? Sept 16- $12M. Market cap now $8.45M. How successful has that cost control program really been?
Something more than words needs to happen. The share price is clearly showing that shareholders are expecting management to blow the cash.
This is also from last years annual report-
1- financing- $20M - X
2-Current projects- X
3- Portfolio targets- 12 months and not looking good for current projects let alone other ones- X
4- Targeted Industries- X
5- Integrated solutions- We are moving to an integrated solutions provider- Is this a tick??? We are becoming Renu energy. I think 1 and 4 should be ticked off before we spend more in this area.
Come on guys. We are spending close to 20% p.a. of our cash balance on management fees, time for some results. Not just words results that show our cash balance increasing.
RNE Price at posting:
1.5¢ Sentiment: None Disclosure: Held
