agree with much of this post. A BIG BIG question (reading Outlook from P14 of Interim Report) is the company had as much as $60m in this second rate “Trust Account” (poor name TRUST a/c!!) at one stage and it looks like McGovern (maybe others) treated our money like a personal overdraft - appears this loss of funds could have been a lot worse.
w t f - please excuse my frustration - why was so much money put into a third party account without ongoing checks and balances. It is just unbelievably naive and where was the Audit Committee amongst so many others. What a corporate circus.
this is a long term turnaround from here. Hope that is not overly optimistic but the plus is they have nowprovided revenue guidance of 65m if my recall in the Interim Report is correct.
as said before - it could have been a lot lot worse. The Board have done no-one any favours over past 3-5 years but at least they have taken their responsibilities seriously and chased this mongrel ex CEO down. Wont be the end of McGoverns troubles I venture to say.
we are still afloat and there is a business to be re-built. Just need a well qualified experienced CEO to gain market cred and turn us into an agile company with a solid future. This can happen AIMO
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