Hi Split - my feelings exactly. I would have thought that the continuous disclosure rules would have required them to report any material deviation from previous announcements.
The first we saw that things were not likely to be as forecast was in the ASX please explain. Okay, let's give them the benefit of the doubt and call that disclosure.
In the quarterly, instead of $7.5m revenue, we have only $5.5m. That to me is a material change from the forecast.
By the end of December it should have been obvious to the company (or maybe not for all we know!!) that there were not going to meet the sept quarterly projections or even the ASX please explain forecast. I think this should have been released to the market.
I'm not going to be crying into my beer over this (but I have to admit, consumption was up over the weekend!) because I knew what I was getting into with this and just because there are rules for the market doesn't meant that they will be followed. I thought there was a high likelihood of that being the case here.
None the less, after 4 weeks without a notice that things were going to be materially different, I bought more last week. I would not have done this if there had been continuous discloser.
I will likely go as far as submitting an official complaint to ASIC/ASX and see if rules were indeed breached and if anyone can be held responsible.
I think accountability is important for the market to function. Geee, can we even believe JORC to taken seriously?
Anyway, sold nearly all my holding at the opening. My fascination with train wrecks made me keep a small parcel.
AAM Price at posting:
7.0¢ Sentiment: None Disclosure: Held
