Wow, this forum really has descended into the gutter of late. While I understand the frustration felt by many, surely one's animosity should be directed at the company's management rather than fellow posters? Opposing views on HC is the norm, however I feel the SP pressure is resulting in some quite ridiculous attacks on this forum.
As to my take on recent events: like many on here I am not happy about the timing of the CR. Before commenting further on more recent events I would like to briefly recap some of the events last year. I (as well as many others I believe) was convinced last year that DB had learnt his lesson in regards to his over promise under deliver that had been plaguing this stock for some time. We were finally rewarded last year with a flurry of announcements which suggested that long suffering shareholders were about to be rewarded for their patience as the technology was approaching the pointy end of development.
Sadly though, the predicted timeline DB gave us did not play out. It is at this point that I feel management made a massive blunder. It should have been apparent towards the end of last year that there was NO WAY they could meet their guidelines, particularly given that DB was also going away on holidays. I firmly believe that if the hold up due to bespoke part supply problems had have been effectively communicated to the market prior to EOCY 2018, many shareholders would have been placated and the SP would have performed better than it did. If were flush with cash at that stage and a CR was not going to be needed, this would have been a non-issue, however when A3D knew they would need to go cap in hand asking for funds.... well the CR price speaks for itself I believe.
The update this year as to the parts delay was too little too late IMO. We thus had to raise money at a very depressed SP, and have watered down our shareholdings far more than was necessary if this whole debacle had been handled properly.
Now we get back to today's TH following so close to the CR. IMO here we have management's second major blunder. While I agree with Melua and ckchristian that we cannot know exactly what has gone on behind the scenes and that we need to hold off on judgement until we know the reason for the TH, there are some points I want to see explained (and sadly am not expecting to ever know the truth about).
1. On 29th January this year we were informed that the RMP1 developmental delay was due to bespoke parts being unavailable from suppliers.
We were only informed of this delay well after the projected milestones had been missed, and now a mere 2 weeks later we have gone into TH as we have hit a development milestone it seems. My question is, when did these parts arrive, and in particular had they arrived when we were told about the delay but not informed??
2. At the time of the announcement on 29 January, I would expect that A3D would had to have had an idea as to the likely arrival date of the bespoke parts they were waiting on. I am not talking an exact date but at least a general idea. Given that we have gone into TH 2 weeks later, clearly the part arrival was imminent. To my mind this makes the timing of the CR either poorly conceived or somewhat suspect.
3. Ignoring the bespoke part delay, surely management had an idea how long said parts would take to integrate and test given the optimistic development timeframe were given last year. This further raises questions about the timing of the CR IMO.
I have to admit I am somewhat of a sceptic around CR's and institutional investors, particularly in the small cap space. I have seen so many occasions of institutional investors being treated very favourably by management with suspiciously timed CR's.
My takeaway from the last 6 months or so is that our current management are not up to the job of RUNNING A PUBLIC COMPANY. Like others I am very impressed with our technology, however not in the way the business is being run. I concur with other posters who feel DB should step down from his current role and focus on the technology (CTO?). I think we need a CEO who is much better at managing the business side of things. I also think we need much better PR/investor relations than we currently have.
The above is all IMHO and I am happy to be corrected on anything I have misconstrued. I still believe in this company going forward as our technology is a game changer if proven out. I just think we need management with more business nouse. I can't wait to see this next announcement, very exciting!
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