For those in ADO for 8 years , 1 year less than GC who joined as CEO in 2009 this has been very tough decade.
ADO has had , not in date order -
-resignations from 2 chairmen
-Resignation of ceo after 3 months
-resignation of several directors
-loss of 2 independent directors
-Resignation of group ceo after 12 months
-Resignations of FD,CFO & COO
-Diasource acquisition acquired 2/16, sold 8/17 for loss after costs
-share price change from 0.6c to 23.5c (post 1/14 ramping ) and back to 1.3c
-accum losses $34.9m for 9 years 2010/18
-complete board change except GC
-revenue of $2.5m for 9 years 2010/18
-share cap expansion to 1,133,520,981 shares on issue
-ASIC complaints & conviction of day trader
GC probably pleased all rubbish finally dumped progressively over past 9 years and new chair and interim ceo can start to perform for long suffering s/h,s.
Things to watch now will be directors fees & expenses,travel expenses, capital reconstruction strategy,cash burn & likely duration and auditors will probably be across these issues with assistance from GC historical knowledge and experience.
If ADO lost him , longest serving director would be MS with about 6 months.
So now s/hs will wait for leadership and advice from chair.
ADO Price at posting:
1.3¢ Sentiment: None Disclosure: Held
