Salaries are way too high. Vote NO next time to remuneration and reelection of non performing directors. For long term holders it is a total write-off given the stock was consolidated. Remember the exuberance about being undervalued and taking a stake in the company at the AGM from new management. MC halved since then.
Just ask management to ask themselves some questions. Do they think silence is the best strategy given the stock is now worthless anyway. How could they possibly disappoint more than what is happening now? Say something on a more regular basis about partnering and 1102 progress even if it just to show that the company is moving. We also have a totally silent partner for 1103 who has said nothing since the deal was made. Why should we have confidence that SB will deliver anything? The yanks at the JPM conference said the company is grossly undervalued compared to US peers even with the biotech selloff, so what is own new US director doing?
If MD does not inspire confidence find someone who does and can leverage its assets. Anyone notice how MyTomorrow slipped from end of 2015 to 2Q 2016 without any explanation. Turns out they were waiting for us to supply the drug when we had about a year to deliver it on time for their approvals. Instead we got this vague drivel about seeing if the existing batch was OK.
The bottom line is the is company unique with two late stage drugs which the market now values at nothing and I cannot fathom why? The only common denominator is MD and his inability to only not leverage value but destroy value. The fact that he is not alone in the sector is no real excuse either as the trial results have been successful.
ANP Price at posting:
5.0¢ Sentiment: None Disclosure: Held
