As you all know I was a pretty big fan of MYG & I do think Deflector is potentially a very good asset however I bailed some time ago due to what I considered complete over promise & under delivery by management. The salary of A$500k for an MD of a company this size that has not delivered is quite absurd & imo immoral. I have been tempted to get back in a few times, however I would be breaking one of my investment rules & that is I must believe in the management.
MYG burnt $1.3M in the quarter & the only reason they haven't done another CR is the $800k R&D refund. (what was that by the way?) However at that burn rate there will need to be another one in the next few months to pay the ridiculously high salary of the MD & other admin costs.
MYG Price at posting:
2.8¢ Sentiment: Hold Disclosure: Held
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