Thanks Skypilot.
A few positives and a few negatives unfortunately.
Positives.
Finally hair-care gets a mention after being splashed around for over 10 years on OBJ's website. Not sure what the delays are as barriers to market are relatively nonexistent.
500% surface care results/improvements.
Personalisation a bit closer and 'hopefully' something to announce prior to the AGM.
Decreasing overall costs but then increasing Patent expenses.
Negatives.
Alot of talk regarding going it alone.
Creating our own products - expensive.
OBJ considering their own skincare line and this is the first I have heard of this approach (PNO style stigma may send the market a red flag)
Reckitt Benckiser have exited re Neurofen/Advanced Packaging with no explanation provided.
Shaving appears to be temporarily shelved.
GSK officially did not progress.
All programs purported to have low barriers to market which are outside of Pharmaceutical; still are proving to have very lengthy lead times to striking any semblance of a deal; which is making some of them as lengthy as the Pharmaceutical sector.
Glyn categorically stated 'Never said it will be cash-flow positive'. Sorry Glyn, you did in your Investor Presentation on 24/05/2017:
View attachment 780165
http://www.asx.com.au/asxpdf/20170524/pdf/43jgpclc7hls20.pdf
Glyn advised he will be staying on as a Non-Exec. Not sure if this is a positive or a negative given Shareholder sentiment.
The problem with closed Conference calls, is you don't get the opportunity to cross-question if a question has not been addressed adequately; like the investment community does with the P&G Quarterly Conference Calls. An example being in relation to this question:
'Can the Board please advise if Procter & Gamble recoups any costs for Research & Development/Marketing before royalties are paid to the Company, as the value of royalties received to date appears not to equate to 200,000 units sold with a royalty rate of 3-5% taking into consideration the combined bundled products wholesale prices?'
So we now know that royalty rates are 2-3% and their are no costs from P&G deducted regarding R&D/Marketing. Unfortunately there was no explanation as to why royalties received to date do not equate to the now known percentage rate coupled with volumes.
I'm still upbeat, but my prediction for tomorrow is possibly a short-term sell-off unfortunately due to the continued lack of transparency and tangible timelines. The whole presentation from the three of them took less than 15 mins and the bulk of the call was made up of Hotcopper questions that weren't addressed adequately imo. Perhaps we will be able to refine this process over the coming Investor Conference Calls if OBJ Management are open to input from their Shareholders.
(20min delay)