Bane and Joel are the reason the company and share price are where they are today.
They have promised the world and delivered very little.
The Regularors are confident Bane and Joel misled investors, based on actions they have taken.
They have not been able to prove they have the ability to monetise this business over the last 4 years.
Sure, the deliveries have been on the improve, but the cash receipts from customers have been going backwards recently.
Plenty of people talk about GSW still being a start up. I don't subscribe to that theory. It's a technology business, where a competitive advantage is required in quick time to develop, and maintain or build, market share.
There is plenty of competition in this space. Is GSW a compelling option against every other competitor?
They also failed to act on requests from shareholders to report sales revenue and interest revenue separately.
Their actions alone have led to the initiation of class actions against GSW.
The market has no faith these are the guys who can monetise the business.
This, along with the CA, is the reason, in my opinion, that the share price is well below cash backing (based on the last 4C).
Yes, if they resign they lose their performance options, unless the board agrees otherwise.
I can't see why they would lose their shares.
Shares have been issued in regards to meeting Performance Milestones (PM) A & B
These PM's related only to deliveries.
PM's D, E, and F relate to revenue, and none of these have been met at this stage.
An article was posted to the GSW forum late year hearing confirming PM C had been met. I have not been able to find any evidence to prove these shares have been issued. I was only searching notices relating to Joel.
The other scenario is that Joel and Bane remain and that Australian based Directors have resigned. Given the requirement to have 2 Australian based Directors on a Board this could possibly be a reason why a trading halt has been called.
Time will tell.
GSW Price at posting:
24.5¢ Sentiment: None Disclosure: Not Held
