It sounds like it's time shareholders sent management a clear message. Reading posts here (including management/IR contact) and the details/time lines re the recent ASX query, it sounds like Corporate Governance is slipping, and that the Directors want to control the whole show to suit their needs and narrative.
It's time these guys were judged on what they have previously said and done and not on what they say and want you to hear.
These guys appear to be great with the tech side of things, but their ability to run the whole company has so far led to a substantial decrease in the share price and a loss of market confidence.
The announcement below always sticks in my mind,
Check the date, over 3 years ago.
$7m capital raise reduced to $2.2m, due to having sufficient funding.
All eggs in pretty much one customer basket. Never a good move.
Market confidence lost after reducing raise amount to then turn around and start raising money less than 9 months later.
Since this date,
Raise 1 16/11/16 160m shares @$0.034 for $5.44m (less than 9 months after Ann above)
Raise 2 6/12/17. 250m shares @$0.02 for $5m
Raise 3 18/12/18 202m shares @$0.0055 for $1.1m
Raise 4 3/4/19 233.3m shares @$0.0079 for $1.84m
Plus up to $2.5m US in Convertible Notes issue.
The terms are never very favourable when one is this desperate.
Diluted to buggery. Accountability for this? Achieved?
Now they tell you cashflow positive next year.
Who believes that and why? Just telling you want they want to hear to keep you happy.
Shareholder have every right to keep management accountable. There doesn't seem to be many ways to achieve that in regards to SYT.
I held this in the PSF/SYT days and sold many moons ago.
SYT Price at posting:
0.5¢ Sentiment: None Disclosure: Not Held
