in the lead up to the "placement to institutional and sophisticated investors", there was an OBJ presentation in which it was stated :
* SK-II planning rollout of multiple products in early 2016.
Well that never happened. Can we even speculate what that was supposed to be? Seems to me the options are :
1) management thought the Wave I and II licenses were going to happen 'any day now' back in Sept 2015, and instead of happening in days, it took 14 months.
OR
2) that whole bullet point was a ruse.. as in "ha ha, we never said rollout of multiple product with OBJ technology!.. ..gotcha!"
The first option indicates seriously poor communication from P&G to OBJ regarding product planning. The second is just willful misleading to aid in attracting investors for the placement that followed.
The most charitable view is that Wave I/II launches were planned for early 2016, but P&G put the whole thing on hold at the last minute (thus sealing the doom on the 20 mil, by the way). Although we can't fault management for this, it does show just how vulnerable this company is. Just imagine where we would be today if that statement in the presentation were actually true?
So which is it... or do you have any other alternatives? ...
See presentation here : http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01661345
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