excellent summary, page-6

posted by Pargon over at SS.

Nothing in the ‘financials’ or ‘information presentation’ that makes me want to invest here (concerns are three fold: funding (new plant), settlement (scientists) & ownership (who owns Opus shares)).

Found the financials singularly lacking in context (commentary & changes since period ended). Information presentation, while fuelling natural desire of investors to see share price grow, also indicated negatives to this goal (dilution by settlement & capital raising).

It especially sticks in my throat (and any other orifices you may care to name), that the shareholders of this concern, will shortly be asked to approve a “settlement” package for something, they thought was owned already, namely the “goodwill” of key scientists. I even took the extreme step of checking the latest Balance Sheet and low and behold, “goodwill” makes up a fairish portion of our largest single asset class, “intangibles”. Yet pragmatism over principle is to hold sway. It actually doesn’t matter that the Companies direct responsibility for Opus debacle is zilch, shareholders are to pay or the scientists will go away (sorry about the bad prose). Maybe the late Kerry Packer was wrong when he said “you only get one Alan Bond in your lifetime”.

Well shareholders how does it feel to be called Allan?

None of the above will prevent me trading (a clear difference exists between investing and trading) in the Company shares if the opportunity presents itself (risk measured against reward), so it’s a cautionary tale I say.

In this case I would liken myself to an affable, cuddly Koala Bear, having some Bear dream, while under the effects of some tasty eucalyptus, who’s hackles have been raised, while dozing, by the sound of a Russian Brown Bears setting about the process, of tearing, into the flesh of some poor prey (shareholders?). When I wake I might go down to the woods today, but I don’t want any big surprises (did I say sorry for the bad prose, already).

The cheerleaders for the Company will shortly be out in force (last evenings meeting) & will rightly have their day; as my view is counter to the suspected direction of many soon to post, I’ll happily take the criticism for my views (hey I’m ahead, and that’s enough, if the risk is to high) as us Koala’s can take care of ourselves. Just reflect on the artistry going on here, just behind the scenes. It’s taking us from Point A (Opus debacle) to where? Information flow, financials, everything seams subservient, to the direction being taken. Why?

My training taught me to get as much of the who, what, where, why, how and when, before committing to a course of action. This is coming up short.