IMO you're both right.To me this is a fairly typical case of a...

IMO you're both right.

To me this is a fairly typical case of a Chairman/CEO who is marketing, product and operations focussed and a bit old-school when it comes to modern principles of good governance. Governance at times appears to be an afterthought where investor communication is a requirement and not an opportunity.

Asa small cap at the forefront of creating and rapidly expanding into new product categories in new markets, the company and shareholders will benefit far more right now if Mark continues to focus on his strengths of marketing, product and distribution. This is where someone like Martin Pretty may guide Mark in building a culture of institutional governance and financial and risk management. I'm hoping these recent appointments are more than just symbolic.

My main critique with the relative lack of good governance would be around the frequent and sizeable issue of management options notwithstanding Mark's already sizeable shareholding. Fortunately most of these options are deeply out of the money so they either will never be exercised, or current shareholders will be very happy with management's performance. These issues can also be managed somewhat for the time being if there are enough concerned and active shareholders.

It will be interesting to see how Mark's relationship with the market evolves as the business grows and institutional investors enter the register in greater quantity and quality. These relations did not get off to a great start with some suggesting the recent investors sold down or exited their positions, but this and the pandemic provided a wonderful buying opportunity for nimble and cashed up smaller punters. Whether intentional or not on Mark's part, the most recent raising north of 30c also turned out to be of great benefit to other shareholders. Mark selling down his position to meet his margin call was also untimely given the considerable general market weakness and ultimately he was one of the losers in the recent sell-off.

I'm anticipating/speculating that he stays true to his form over many years and acts with great self-interest in minimising dilution.

Time will tell and we don't need to wait very long.