Ewin Crouch was appointed Chairman of Anteotech in April 22, the ADO share price was then approx $0.12.David Radford was appointed CEO in August 22, the ADO share price was then approx $0.08.
At the time, the majority of shareholders, including myself, were very pleased with the appointments.
We believed that ADO technology, in both Life Sciences and Clean Energy Technology, was world class and all we were laking was the Management expertise to commercialise it.
On paper, both Ewin and David seemed the right people to do this.
Both had extensive experience both at board level and operational management of public companies and ADO had significant Technology assets, with outstanding technical staff and the expertise and capability to “deliver the goods”.
It’s staggering to be where we are today, a little over 2 years later, with the share price sitting at a multi year low of $0.018 and a market cap of only $48m.
This is the direct result of a second dreadfully exercised Cap raising, with in months of the first, that has seen only 16% of the shares offered to holders taken up.
They have now apparently destroyed any of the remaining “good will” with share holders - well retail shareholders any way.
Both the Chairman and CEO, share sole responsibility for this current debacle.
Had the cap raisings been accompanied with advice of significant commercial agreements, they might have succeeded.
But they didn’t have any, yet decided to proceed with the second raising anyway.
To many of us, this was an unbelievably poor decision.
Particularly in the absence of any additional supporting information and after the previous share price decimating raise.
So, not only have they overseen the destruction of our companies value, they have left retail shareholders, whose support has been the sole reason that ADO has been able to survive though to now, with little left to hang onto, never mind invest more money, into what now seems a “black hole”.
For the majority of us that didn’t take up the offer, but still hold, we are left with a feeling of bemusement and irrational hope.
How could such an experienced board and management have got us to this point?
Is there something they not telling us, that will turn things around?
How long do they think we can legally survive with their current cash burn?
or alternatively, how about telling the world (and Investment community) in detail, what we have actually achieved and how significant it is!
Also, I am sure that the board and CEO need no reminding, that shareholders aren’t the only losers here.
Their reputations would also surely take a major, if not unrecoverable hit, if they were to oversee the failure of a company with such remarkable prospects and assets.
(20min delay)