my view is that if the directors at the time (Frank Rogers etc) did not believe the technology was valid, they would have raised a lot more than $10m at $1 when it was available (the demand was there).
They would have cashed out more of their equity too.
But I do think they have whitewashed the problems at Moolap for 2 years now and should be held accountable.
I think the potential still exists that the technology is viable and profitable: that is something for Phil Thick to sort out, clearly he is unhappy with what he has found thus far in the Moolap plant and has suspended the stock rather than knowingly let an uninformed market trade it.
It's a real pity past management didn't take the same approach because all but insiders have been uninformed for a long time now. The lack of transparency was probably reason enough in hindsight to exit but no one has the luxury of having their time over again.
I would like a lot of the directors sacked ASAP.
MHM Price at posting:
26.0¢ Sentiment: None Disclosure: Held
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