Informed or Misled?

So have been going back through some of the old interviews.  What I was looking for was to see if GC or the business have actually misled the shareholder base through ann's or interviews.  In a very succinct nutshell, I'd have to say no.  Expanding a bit on this, I can see why people would think so, but this business is very savvy in words used to convey current status and letting the reader/listener draw their own conclusion.  My very brief notes on some of the interviews I reviewed.

Dec 2010: Anteo AGM Commentary - GC comments in the previous year they were staring death in the face.  They have managed to turn things around by getting the product into the hands of scientists in labs.  They have been continually finding that AMG is as advertised.  Next 12 months are focused on getting contracts signed.  Last year were engaged with 14 groups assessing AMG and now working with 47.  Frustratingly slow, but all 47 have been showing positive results.  Some of those groups are now "perilously close" to making a decision (over 5 years ago and still haunting the man). http://www.brrmedia.com/event/72259/anteo-agm-commentary-dr-geoff-cumming-chief-executive-officer

May 2011: GC Discusses Recent Developments - GC mentions we are now working with roughly 60 companies in assessing M&G.  Interested parties include 1 major euro coy in developing a best in class bead.  IVD coys x2 working with us and 1 contacted ADO to engage as opposed to ADO chasing them.  Mentions PoC1, but very little detail.  Moving inexorably closer to signatures...  Tina Baumgartner introduced and said to be working on research. http://www.brrmedia.com/event/81061...ents-dr-geoff-cumming-chief-executive-officer

Sep 2012:  Here GC talks about potentially getting deals done in 2012 and pending those being signed, being cash flow positive in 2013: http://www.brrmedia.com/event/106636/dr-geoff-cumming-ceo

Jul 2013:  GC talks about PoC1 & PoC2, disti deals done with Owl & Genova, patent being granted, 1.7m commercialisation grant, etc.   Nothing here I can see that actually calls for any expectation: http://www.brrmedia.com/event/112965/dr-geoffrey-cumming-ceo

Dec 2014:  Strategic Update - Discusses name change, Luminex potential, IMRA Agreement (initial), 2 additional paid projects (invivo (Cook), and confidential (likely POC1), focus to be increasing disti channels. http://www.brrmedia.com/event/133346/dr-geoff-cumming

Jun 2015:  Discusses last qtr activities - Batteries introduced, Strategy has been to deal direct with customers providing bespoke applications.  Explains this strategy and why they employed this (worth listening to).  Talks about Veritas, expecting to finalise arrangements in the U.S.??  Luminex mentioned, direct approach will continue, albeit through the AMG kits.  POC1 project expansion mentioned, highleghted that it is paid work and milestone based, ahead of schedule, etc.).  IMRA & Cook update.  Expands on Anteo Energy.  Expands on Cook Medical invivo devices and work with UQ.  Bio Separation patents in sample pre-treatment.  Working with major life-science coy for commercialisation.  Only remaining focus for the year is commercialisation.  To achieve this they will seek to enter commercial binding deals with existing customers/partners in concrete deals. http://www.brrmedia.com/event/138963/dr-geoff-cumming

Dec 15:  Investor Update -  DIASource Update with Rolph Sickmann and GC.  3 business lines, RIA, ELISA, VitD - all profitable, all growing.  MBO with Thermo Fisher.   VitD was first area of harmony seen with ADO.  AACC was where Jef & GC met and when the potential merger started to get traction.  Rolf states M&G inclusion is for future products, but also that DIASource would be stupid not to include M&G in their products where possible because of the cost effectiveness.  GC calls this a union made in heaven due to the commercial viability of DIASource and the R&D capability of Anteo.  Mentions CS Streetman and Josh Soldo as the Business Development arm in the U.S. (not sure this is relevant now).  Talks about potential casualties as a result of the merger being minimal as this is looking to build both companies, not looking to combine and spit out the bones (oh the irony!!!).  Worth noting, every time GC talks, Rolf looks absolutely disinterested and at some times downright disgusted.  Not sure how he actually felt about things in this interview, but regardless I'd be working on self-awareness with regards to facial expressions and eye-rolling.  Rolf mentions the market in RIA is not growing, however their sales are (attributed to Siemens withdrawing from RIA market).  He states huge potential in VitD.  Antibodies are a big area of synergy and potential between the two businesses with no investment required to exploit.  Rolf states they are hughely profitable and they don't see any threats to the business in the next 3-5 years.  GC can't help himself at times and jumps in at the end of almost every Rolf comment.  They ask both gents about taking an early exit post merger.  Rolf says he has no plans to leave the business.  GC talks about Jef remaining as well.  GC then says why would anybody leave at this juncture as opposed to hanging around and reaping the rewards.  Rolf comments we get the 2015 revenue.  Further acquisition is discussed and confirmed further possibilities will be looked at, but the focus is currently on DIASource.  Talks about improved production capacity.  No huge investments needed for the factory, as was purpose built in 2011.  No long-term debts with DIASouce, but some short-term facilities. http://webcasting.brrmedia.com/broadcast/5660df91564ad5103a2bb3cf

Look, I won't go on with this, as it seems pretty futile.  Yes, there is a lot of 'fluff-n-bubble' in these interviews, but I can't see at any stage where he actually misleads anyone, certainly not intentionally (imho).  People hear what they want to hear and GC is a master at teeing things up to let imaginations run wild.  Does that mean he misled us?  I don't think so.  I personally believe the guy is passionate about the product and truly believes (rightly or wrongly) that he has a game changing technology.

From what I've seen and read a lot of the conjecture attributed to GC actually comes from those on this board who hear or read interviews/ann's and make assumptions that then end up on this board.  As time passes, Chinese whispers effectively takes place and the business/GC gets saddled with hyping us up and/or misleading us.  I'd suggest we are more guilty than management for letting our hopes get the better of us.

All GC BRR interviews can be found here: http://www.brrmedia.com/events/company/id/84258/page/1


All IMHO, DYOR, FWIW, blah blah blah....