AsiaStar? Who is that? Google searches return a small telemarking company in china. CITIC 1616 are pretty big but where is the detail on what possible deal can be done? I can imagine they would not be too impressed with Freshtel financials.
Again, waste of time puffed up nowhere announcements. No better than a 2 bit mining spec company.
The 80+ staff in this company must have a great day at the office, nothing to do but check email, browse the net and chat with their mates all day for free on Freshtel supplied lines. Not that I would blame them, they clearly would not be getting any direction from Freshtel management.
I love there comment that they reduced staff costs by $200K, was this due to not paying another $250K director early termination fee in this quarter! LOL!
I also love the fact that at the top of their annoucement they list there most newsworthy item as the fact that they are sitting on $4M of FRE shreholders cash. Simple math dictates that this will be greedily drained by current management in about 4-6 months. Remember they started this year with $8M and revenue is in massive decline.
Disgraceful waste of time and misleading information and forecasts from seemingly esteemed management to boot. Lets, see, we have a former Telstra Businesswoman of the year and the former Managing Director of Motorola Australia, a senior Tesco director and god knows who else. These directors must sit around laughing at what a great rort they are into feeding at the Freshtel trough.
Unfortunately shareholders are pretty much powerless to do anything about this sad stae of affairs and will simply have to be conent with sitting on the sidelines and watching.
FSG Price at posting:
2.8¢ Sentiment: Sell Disclosure: Not Held
