By and large, I do think the market's reaction (share price,...

By and large, I do think the market's reaction (share price, sentiments and broker downgrades) are justifiable.

In my opinion, the key issues are that the market is rightly having doubts about the creditability of Kate and the board led by Rebecca. Fair enough, some things are outside their control, but what they can control is the messaging and their actions. As I said, the whole debacle around the capital raise, deferring of webinar etc does not inspire confidence in investors.

What the leaders need to do now is to restore confidence and clearly articulate their strategy to the current crisis.

Strategy

Not referring to the plain old vanilla corporate but a clear strategy to navigate Alcidion out of the current situation. A clear articulated strategy by which investors can know what levers they could pull in the event that the expected cashflow/revenue does not come through (aka Plan B, Plan C etc).

When the question on in everyone's mind about high staffing costs relative to cash receipts was asked, it was a big mistake, in my view, that the response somewhat focused solely on cutting staff numbers etc. Kate should had responded to the question head on.

What they should have done is to take the opportunity to articulate other available options which I know they would/should have considered - for example, extracting more efficiency gains (without cutting staff numbers), encouraging staff to utilise their various leave entitlements (including unpaid leave), exploring moving to other employment options (contractors etc). These options are not mutually exclusive to the current options of waiting out...

As the old saying goes.... "Never let a serious crisis go to waste".

Yes, this is a shitty time for all of us but we are where we are. This is the opportune time to seek out efficiency because it would have a multiplier effect when everything (hopefully) comes through. In doing so, Alcidion will emerge better and stronger.

Finance

Another issue I have is the robustness of their internal monitoring system. When they first identified payment receipts are slipping, what is their response. In the webinar, I do not think the response to this issue was adequate. I would like Matthew Gepp to take a more hands on role in responding to such questions in the future.

As the CFO, he needs to able to reassure investors that there is a robust internal process for monitoring financials so that timely remedial actions can be undertaken. It is no longer acceptable for him to simply just talk through the headline figures in quarterly webinar, he needs to be seen as having his hands on wheel to drive through efficiency gains throughout Alcidion to achieve cost savings, articulating forecast vs actuals etc.

Public communications and perception

As I said before, the whole current debacle has diminished my confidence in the leaders of the company. They need to realise that public perception matters to market confidence. It is all fine and good if you do the right things in the background, but if the market doesn't know it, it would just assume things are not happening.

If UK is one of the major areas of concern, Lynette Ousby should have appeared in the webinar and front up to investors...

In my view, the timing of information outflow and communication left a lot to be desired. Collectively, they (leaders, advisors, investor relations) need to learn from this debacle and ensure this does not happen again.