Dear Stormer,
You are right to be annoyed, and entitled to vent your spleen, both with the previous management and especially this new management despite what Moosey thinks.
Sitting by idly and hoping the Messiah will lead us out pays very few dividends, as has been seen time and time again in small cap biotech in Aus, many of these CEO's, COO's etc are just picking up pay checks driving their Mercedes and sending their children to private schools til the music stops.
Its apathy that allows this to happen and the blowtorch should be on them constantly, not just at the AGM. 90% of the company has been decimated since the arrival of the new management and BOD in less than a year, I defy anyone to stand up and say what good any of them have brought us.
And dont be fooled, they all read HC and are terrified when posters call them on the ruse, these forums are a way of being the Don Chipp they dont want to hear from. Its the equivalent of a public servant in front of a senate committee, makes them feel very uncomfortable when they hear the truth.
My family and friends (as has James Pender) suffered large losses in this company, millions of dollars (20c down to 1c), despite that I still believe strongly in the underlying technology however the commercialization of that technology has been flawed under both lots of management.
Whilst Harry Rosen was ridiculed for being asleep at the wheel, at least we had institutions that had faith in him, whether that be right or wrong they stood fast with him.
I cannot however say the same for the current management, it seems the institutions have deserted them and or whatever strategy they are prancing around with. As Makkatack has remarked, the SP has dropped from 8c (under Murdochs tutelage) down to 0.8c yesterday, and as has been remarked upon here today the company is trading well under its cash backing, which says clearly they cannot engage any new instos, nor partners.
Many current HNW's invested in this company are marooned on what has become the corporate equivalent of Gilligan's Island. Their holdings are so large they cant get off the island. Well some can, Orbis are so keen to get off they are liquidating at massive losses.
My family and friends are also stuck on this island, and we are all hoping that the Captain, the Professor(/s) and Gilligan will find a way off. However as with the sitcom we keep seeing crazy plans paraded out, then badly executed whilst all the time the seawater keeps rising, the drinking water is evaporating and Maryanne and Ginger are getting older by the decade.
They are not the pretty young girls as they once were and perhaps nor is the POH story as glittering as it once was.
This weeks announcement has been talked about here endlessly, but I have to agree it seemed quite desperate and to suggest a 3% improvement is newsworthy, it just smacks of desperation. Now the bargain hunters and punters are here to see whether they can pick up an OBJ (0.1c jump) or UNS.
Its a disgrace this once proud company is treated in science circles now as a pariah. I hope for everyone's sake the Oxyc trials are successful.
All of the above is my opinion only, and my bank accounts.
BSW
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