ITE management definitely have a credibility problem.
They have not been able to meet any of the targets they set in November last year.
They had a bungled rights issue announcement which was seen as very amateur.
They finally announce a couple of contract wins which management were expecting back in January and then ascribe no monetary value to it at all.
There has been no regular market updates which you would assume would be critical to investors which at the moment can only assume that the company is running at a loss (hence the belated rights issue) based on the very disappointing half yearly.
There is also a lack of institutional investor holdings which would be due to the lack of transparency. If there was any institutional support there would have been a simple placement and not a tortious rights issue which will hamper the sp until it is over with.
Overall the management of this company need a kick up the backside or more competent replacements to properly promote and distribute their products which obviously have huge potential and are very competitive on a world stage.
ITE
i.t.& e limited
