Exactly abu.
jdvictoria - yes, despicable is a strong word, but I meant it. One of the most disappointing things said at the recent AGM was the reference to the global financial crisis.
This was a blatant attempt to blame the company's woes on things that have happened this year. If you look back at the share price history, you'll see that it has been in a steady decline for a very long time.
The executives could see this decline as well as we could, and they would also have known that they did not have sufficient cash to last until 2010. They have burned through the cash on hand, paying themselves very handsomely, in full knowledge that they would need additional capital.
They have repeatedly sought new capital when they started to get worried about being able to pay their own salaries, with no regard to where the share price was at the time. There has been absolutely no interest in the share price, nor has there been any action to influence price.
True, the company does not control the share price, but actions by the company certainly influence the share price. And that influence has all been negative, for at least 2-3 years.
This, I do place squarely at the feet of the directors, and it is the reddest of herrings to suggest that the problems at VCR are due to the "global financial crisis".
You've recently purchased - well, let's see what happens on this overseas jaunt now. If Crosby is true to form, you'll find that he ends up with a new contract, to be paid in full, with probably 50% of the company now handed over to a US venture capitalist.
Share price could very well drop further, so I hope that they get sufficient cash out of it to last 18 months - i.e. until FDA approval.
VCR
ventracor limited
