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23/07/20
22:33
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Originally posted by triage:
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Interesting that the relatively new chairman, Otto Buttula, oversaw a process that decided to set the price at 6 cents then forked out $1..5m to buy a bunch of those heavily discounted shares. Here's an article singing his praises on his appointment to the Rhythm board on 28 October 2019. https://biotechdispatch.com.au/news/a-new-chair-for-rhythm-biosciences and here's the bit that Rhythm's CEO wrote of him: “Otto is an active investor within the Australian biotechnology sector, adopting a disciplined approach to small cap assets , particularly those he deems to be undervalued, with ethical merit and possessing vast upside potential ," said Rhythm Biosciences CEO, Glenn Gilbert. "He has had a long and successful track record of nurturing small cap companies along the path to profitability and/or to potential strategic transactions. and here's what Imugene wrote when they appointed Otto as a non-executive director on 7 July 2014: "Executive Chairman Paul Hopper said, “Otto adopts a disciplined and active approach to small cap assets , being attracted to those he deems to be undervalued, with ethical merit and which possess vast upside potential. He has an extraordinary track record of nursing small cap companies along the path to profitability. ” So if nothing else we know that someone at Rhythm knows how to copy and paste. Also, it seems not much has happened for Otto between 2014 and 2019. Imugene's share price (ASX: IMU) was one cent when Otto joined that Board on 7 July 2014 and was still one cent when he resigned on 17 December 2015. When he was appointed he had 62m IMU shares and when he resigned he had 107m IMU shares. According to the 2017 annual report he still held 83m IMU shares as at 30 August 2017 when the share price was still about one cent. However by 14 September 2018 he was no longer in the top twenty shareholders of Imugene (when the share price had reached 2 cents a pop). So maybe he managed to double his money over two or three years. Not bad, not great. Also he managed to sell his house in far north Queensland at the end of last year for about $6m after having had it on the market since 2016. I can't find much about his extraordinary track record of nursing small cap companies along the path to profitability but I do see he made a fortune by selling a financial outfit to the Commonwealth Bank many years ago. And now he's picked up $1.5m in RHY for a 40% discount to recent market price. I'm a bit wary of what is going on here...
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Does anyone actually read announcements these days. ALL share holders who hold at the end of Fridays trading day, even if they buy Friday are entitled to the same offer of 3-5 shares at 6 cents. People who are dumping the stock on principle don't seem to get how these things work. Better having a long term holder to drive the company in the right direction then to give the raise to a brokerage house who do not care one bit about the stock and the day after issue of stock they are dumbed, and the brokers are no where to be seen. GLTAH
Originally posted by triage:
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Interesting that the relatively new chairman, Otto Buttula, oversaw a process that decided to set the price at 6 cents then forked out $1..5m to buy a bunch of those heavily discounted shares. Here's an article singing his praises on his appointment to the Rhythm board on 28 October 2019. https://biotechdispatch.com.au/news/a-new-chair-for-rhythm-biosciences and here's the bit that Rhythm's CEO wrote of him: “Otto is an active investor within the Australian biotechnology sector, adopting a disciplined approach to small cap assets , particularly those he deems to be undervalued, with ethical merit and possessing vast upside potential ," said Rhythm Biosciences CEO, Glenn Gilbert. "He has had a long and successful track record of nurturing small cap companies along the path to profitability and/or to potential strategic transactions. and here's what Imugene wrote when they appointed Otto as a non-executive director on 7 July 2014: "Executive Chairman Paul Hopper said, “Otto adopts a disciplined and active approach to small cap assets , being attracted to those he deems to be undervalued, with ethical merit and which possess vast upside potential. He has an extraordinary track record of nursing small cap companies along the path to profitability. ” So if nothing else we know that someone at Rhythm knows how to copy and paste. Also, it seems not much has happened for Otto between 2014 and 2019. Imugene's share price (ASX: IMU) was one cent when Otto joined that Board on 7 July 2014 and was still one cent when he resigned on 17 December 2015. When he was appointed he had 62m IMU shares and when he resigned he had 107m IMU shares. According to the 2017 annual report he still held 83m IMU shares as at 30 August 2017 when the share price was still about one cent. However by 14 September 2018 he was no longer in the top twenty shareholders of Imugene (when the share price had reached 2 cents a pop). So maybe he managed to double his money over two or three years. Not bad, not great. Also he managed to sell his house in far north Queensland at the end of last year for about $6m after having had it on the market since 2016. I can't find much about his extraordinary track record of nursing small cap companies along the path to profitability but I do see he made a fortune by selling a financial outfit to the Commonwealth Bank many years ago. And now he's picked up $1.5m in RHY for a 40% discount to recent market price. I'm a bit wary of what is going on here...
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