I've become quite negative on this crowd (holder since IPO) and...

I've become quite negative on this crowd (holder since IPO) and have recently sold out. Here are my concerns

In original prospectus, most of production was destined for Europe, making the company largely immune to changes in local excise taxes, and I've never understood why this wasn't done, and most of production has to go to the local market instead

Timeline for receiving grant just keeps slipping back

Before the company has Aust operations "bedded down" they are embarking on expanding into USA

From half yearly accounts, cost of raw materials has exceeded revenue, ie it recorded a loss before paying wages or commissioning costs, etc, etc

A big chunk of their assets are "intangibles" and you have to wonder how much they are worth if the bizz can't generate a profit.

When I subscribed to IPO, I thought I was investing in a low risk manufacturing operation, but the risk profile is now higher than I'm prepared to accept.