I was wrong in my previous post. If the chairman, Mr Locke, converts his loan notes to shares his holding goes from 4.7% to 4.6% of the company. That supposes the EGM endorses his investment in said loan notes, and some other conditions.
Until we know who the other investors are, and that they've signed-up, I'm prepared to cut the new board and management some slack.
The previous board and management did a great job developing technology but I don't think anyone can say they took it to commercialisation. It wasn't all their fault: the GFC; taking on the strength of incumbent businesses and technologies; plus shareholders stopped having faith. Too many stopped supporting raisings of extra cash to progress the business.
If Mr Locke sees a chance to exploit other's work and investments, well, where's the news and novelty in that.
CFU Price at posting:
4.5¢ Sentiment: None Disclosure: Held
