Sounds like someone has read them the riot act - guessing this...

Sounds like someone has read them the riot act - guessing this new director who has reasonable skin in the game has told them that the gravy train is over and it's time to share the pain with holders.

From the update:

Focus on Bioplastics
Focus business resources on accelerating Cardia Bioplastics sales and review non-core assets and activities.

Accountability
Each individual in the business is accountable for their contributions to the business success. Non-executive Directors have committed to a significant reduction in their Director fees until Cardia Bioplastics has achieved break-even performance.

Cash Flow
Redirect resources to activities that are cash-flow positive in the short-term. Relocate Nanjing production to a new lower cost, purpose built facility. Ongoing review of cost.

Marketing
Leverage of all commercialisation activities through a comprehensive marketing programme. Convert a strong product offering into a “market pull” environment.

Stakeholder feedback
Pro-actively engage with key stakeholders.

Moving forward, the Company remains highly focused on executing and delivering on our corporate strategy. We are confident we will accelerate our global product commercialisation and will continue to deliver further long-term sales contracts with major customers as product sales eventuate. The global bioplastics market continues to be an emerging market with its inherent lack of predictability, however it is now growing at a double-digit rate. With our strong focus on the Bioplastics business,
Cardia is poised to leverage its sales pipeline to deliver strong growth."

I found the "Acountability" paragraph refreshing, the "Cash Flow" paragraph interesting, the "Marketing" paragraph intuitive, the "Stakeholder" paragraph sharp and the reference to a bioplastics industry growing at double digit rate (compared to Cardia's profit??) confronting.

Hopefully this is an indicator that someone indeed has shaken things up somewhat.