Ann: Results of Annual General Meeting, page-9

Yeah, nargh.


Track the SP3 threads and you'll find that I sold my shares at a point in time when management prognostications were at their most favourable and when no one on this forum was decrying management's quality and/or ability, like they are now.


If I was a cheerleader of SP3 board and management I would not have sold my shares when I did (exactly the same management then as today).

As I said in my post, I have no opinion on management because their ability to create value for the owners of the business over the past two years has been constrained by Covid and the lack of working capital (in a working capital -intensive business).

This is the first time that I've been following the company that those constraints have been removed (the latter at great dilutive cost to shareholders who didn't have the ability to anticipate it).


To remove all doubt: I'm a shareholder because its not too difficult for me to see somewhat more than $5m of intrinsic value here (between Net Current Assets, Established Recurring Revenue, Work-in-Progress, Intellectual Capital, Market presence/customer relationships/ goodwill).

I don't see management being overly critical to that value being crystalised (either they do it over the next 6 to 9 months, or some corporate entity comes along and does it.)

So I am a shareholder, not because of the directors of this company, but almost irrespective of them.

People make dumb investing decisions then blame management when things don't go they way those people expected. Happens all the time.

Seeing that you have a bee in your bonnet about the directors, clue me this:

Assume the board gets rolled by shareholders.
What then?

.