not impressive mr ottaviano

After 6 years at the helm of the CETO ship, what is the scorecard of our CEO, Michael Ottaviano?

He took control when the market capital was around $5million. It is now $51million.

However, during his tenure:

capital raised from shareholders = $53.7m [see below]
grants awarded/cash received = $2.7m

So he has turned $56.4million cash into $46million market cap. {a return of minus $10million}

To whit, he has received around:

30million options
4million ord shares

and during the past two financial reporting years - $670K and $750K in "cash" remuneration.

"Michael completed his Doctorate in Business Administration in the field of Corporate Entrepreneurship and Innovation..." Not exactly sure what that means.

Time to either walk the talk or hand over to someone better qualified to commercialise the technology. I am not supportive of the board's view that their money has been well spent on this assignment.

Come on Carnegie. Time to move on.

======================

	2007	04-Dec-08	27-May-09	4-Dec-09	23-Dec-09	12-Nov-10	24-Dec-10	10-May-11	30-Dec-11
Capital Raisings since M.O appointment	$16.7098m	$1.18m	$5.75m	$3.5m	$5.365m	$5m	$6.2m	$4m	$6m
	Total raised	$53,704,800