Australia's largest stock trading and investment forum Australia's #1 stock forum

SAS

Click for more information

0.00%

1.6¢ sky and space company ltd

Thank heavens you were good enough to post Peter.....(the only...

First 26 Last

Share
Profile

Follow
loofah21

1,277 Posts.

2

18/04/19

01:40

Post #: 38190879
Share

Originally posted by PeterKing: ↑

My previous post on the forum was 1st June last year

It pretty much sums up my thoughts then about the company and my reason for selling my substantial holding over the ensuing 3 months, back then.

The subsequent appointment of Michael Malone on 31^st Oct last year as Non-Executive Chairman was way too late in this company’s history to make any substantial changes to its future, be it long or short!

The management reins continued to be held far too tight and restrictive by those who should have had better sense to realise their ‘technical’ role in the company and extend to others, the opportunity to 'manage' the business in a business-like manner, moving forward. Instead they ignored the signs, fell victims to their egos and as a consequence, have arrived at this incredulous terminal situation.

By ASX / law, re-listing cannot happen until two new directors are appointed. The stringent legal requirements of directors under ASIC and ACCC laws, are now so strict that directors are held personally responsible for their actions / in-actions in matters regarding the governance of companies in which they hold directorships.

It is my opinion that this alone is why Malone and Fulton bailed out and why it will be all but impossible to find two new directors willing to personally and financially expose themselves through the apparent failings this company.

Even if they do find two new directors, I doubt they will be of the quality and standing required to resurrect this mess and help find ‘new money’ to get this business into a cash flow positive position. Any future CR is likely to be a dismal failure. Any other money source will likely come via a JV or large bank with demands that will relinquish effective control of the company. As we have seen, the current management of SAS will not be told how to run their business. Preferring to see it sink rather than see it survive at any cost…………….. only my opinion!

The warning bells for me was the ongoing lack of reported income from the 3Ds well after the final positioning and testing period and MOUs being signed to enable 3^rd parties to utilise the 3D’s as a commercial concern.

Last night in total disbelief, I watched Notre-Dame burning. I am now watching another catastrophe unfolding as SAS burns. Notre-Dame will be rebuilt. It will take many years and many dollars, but it will never be the same. SAS might have a similar path to its re-construction - but I doubt it.

Many lessons learned by many people involved in this business on many fronts. Best to accept those lessons, learn from them and plan to make better and more informed choices in the future. Kenny Rogers sums it up pretty well.

Expand

Thank heavens you were good enough to post Peter.....(the only moderate and sensible voice i have heard on the SAS thread).

Its not a pretty picture we are looking at.
I have found SAS a difficult share on which to get any real information on, for which I am now paying the price.
Peter, do you have any views on a plausible and realistic way that SAS can get out of this mess? At the end of the day the concept that they are trying to achieve is a great and do-able one!....it enthused me enough to invest!

SAS Price at posting: 2.8¢ Sentiment: Hold Disclosure: Held
6 Upvote

0 Great analysis

Reply

Top Stories

CC9

The USA's dominance requires a domestic lithium supply chain. Chariot stands to benefit

AL8

From the Floor question: "What is the focus of AL8 and how is management going to attract shareholders to the registry?" | Alderan Resources

SXG

From the Floor question: "Could gold be manufactured in a lab like diamonds?"

FEX

From the Floor question: "When will FEX start using rail to augment & de-risk their haulage solution?" | Fenix Resources

Chris Judd's Talk Ya Book: Tracking Life360 on a journey to the stars

There are more pages in this discussion • 3 more messages in this thread...

First 26 Last

Add SAS (ASX) to my watchlist

SPONSORED BY