General Discussion, page-1014

People sell underperforming shares for tax write-off reasons, which compounds underperformance, so it's not an untrue statement from the MD. There is tax loss pressure on share prices until then end of (June) as he put it, quite literally.

Unfortunately there is not much to compel new investors or old investors to buy back while we wait, and wait, and wait, which you probably wouldn't expect MD to say openly.

So at worst he has told a half truth. At best he's doing what management has to do which is project confidence. I think he is damned if he does, damned if he doesn't.

As an aside in my recent correspondence I disagreed with his observation that nothing short of announcing a funding partner would stop selling and said to him "...Perhaps consider an announcement which bundles those cost efficiency measures up into a tight few paragraphs that puts a figure on cash burn reduction. You have a lot of twitchy retail on the books and while it may not put a floor underneath the share price it probably won't open a trapdoor either - more upside risk than down..."

He replied with words to the effect that management would consider a non-material announcement in the new FY after post tax selling. I think he is probably just going to rely on the quarterly to achieve that, but hopefully he thinks about what he needs to say from a ship-stabilisation perspective.