Current status: Situation Normal - no-one really knows what's going on...
But let me summarise the old tunes first, to get them out of the way:
- fantastic management
- phenomenal growth over the last X period
- trials looking great
- Dubai going to be a cash cow
- everything else 'excellent' anyone else chooses to post about the company...
Sure many are OK with Directors selling a few heads and increasing their overall holdings, but the to me, the timing couldn't have been worse.
It was just so much icing on the cake for letting many feel that this whole NASDAQ issue has faltered, and is limping along as the great unachieved result for this company for 2011.
The Great Delay. The Great Killer of Sentiment. The Great Buzz Kill.
First, the much trumpeted announcement of an intention to list on the NASDAQ, to be hopefully achieved Christmas 2010.
Result to date? Nothing.
Second, we receive a March update where the company states that it "expects its planned listing on the NASDAQ Exchange in the USA to be finalised in the near future"?
Result to date? Nothing.
Use of the words "near future" was clearly a bad choice by our esteemed management, who apparently can do no wrong...
Third, in the same announcement the company also stated:
"The NASDAQ listing will come at a significant point in the development of the Company's CVac"
Result to date? Since that March announcement we have had the following significant developments with "CVac":
- Japanese patent for CVac (21 April) - A placement and SPP to raise money for CVac (25 May) - CVac granted approval in Dubai (31 May) - CVac potency assay developed (14 June)
Of the above "significant" developments as they relate to CVac, I would say the SPP, Dubai and the assay development were in and of themselves sufficient for listing.
But instead, none of the significant announcements since the March newsletter telling us all about the impending NASDAQ listing, have served as any dependable milestone for getting us live on the NASDAQ board.
Then the Q1 for 2011 was released late March. There we got info about the roadshow efforts in the US stated as being "for NASDAQ listing".
Results from those efforts todate? Nothing.
Then in early May the dream was kept alive with the Deutsche Bank Healthcare Conference, where under Newsflow there appears the bare bullet point stating: "NASDAQ listing".
The fires of an immanent NASDAQ listing had been stoked again. 'Hooray, we're nearly there' everyone sang...
And the singing started to die out... ever so slowly...
Then along comes the Placement and SPP, and all of a sudden there is nothing to be said about the NASDAQ.
Various posters here chat to the company and receive email responses, all relating how the company said the SEC didn't want anything about the listing to be publicly announced, until the SEC had given final confirmation. Everyone accepted that second-hand info as fine, because it came from PRR and MR after all...
Then along comes the June newsletter - not a single word is devoted to the NASDAQ listing - not one.
So, everyone resorts to the grapevine again - telephone chats with the company and some with MR, and some hazy email responses, where again the stated reason is that the SEC isn't cool about an Australian public company mentioning anywhere that it hopes to list on the NASDAQ - I mean really, how can the SEC object to a company confirming from time to time that its ongoing efforts to gain SEC approval for a NASDAQ listing are going according to plan? - folks, the SEC can't tell a company to not provide news releases like that, as it would offend principles requiring ongoing disclosure and upates...
But, every happy poster here has been happy to accept this second-hand information coming from the company about why the to be "finalised in the near future" listing (March) is still dragging on nearly into August - nearly five months since...
And let's not mention the September 2010 announcement, where the 60-90 day response time from the SEC was discussed - so much for our highly paid US/NASDAQ listing experts...
So what is this company waiting on - or what is holding us up?
As I began this post with - no-one really knows what's going on... and why? Because our brilliant management is saying nothing, zero, zilch on the once trumpeted "near future" listing of our company on the NASDAQ.
Our management has simply gone to ground on the issue, because it promised too much, and has failed to deliver in a timely manner. And to add insult to injury, it is now failing to publicly address this failure - it's called a news blackout, and you all have paid for this service from our management.
But of course, the ever faithful believers will say this means nothing, that it is all about proving CVac before anything else, and if you are a true LT holder, this is just a hiccup, and shouldn't be an issue shareholders should be bothering the company with at the moment, while it is forging on instead with proving-up CVac for sufferers...
Well, too many of us have heard those faithful believers say the same thing again and again and again...
What none of the faitful can explain, despite how exuberant they once were about the NASDAQ listing, is simply why the listing has failed to occur within the broad (and now past) delivery dates given by the company.
No, since this 'irrelevant' issue can't be explained away, many have chosen to follow the company's lead, and choose to not discuss it openly - (they seek to discretely abbreviate it to 'N' now) - or instead simply trash any poster who comes here trying to speak about the enormous and crippled elephant in the room...
Man, I wonder what all those instos who paid out $21M think about this massive NASADAQ non-event - the one big stall in the company achieveing all it said it would?
Anyway, for those who can't handle NEGATIVE sentiment towards the company over this issue, save your investment advice recommending that I and others holding similar views should sell out. We've all heard that line before too...
And if you think calling the company or sending it emails asking it what's going on with the NASDAQ listing is somehow wrong, then I would suggest you just don't get it - but to explain - you/shareholder, management your employees, management answer to you/shareholder.
Otherwise, there ain't anything else happening with this stock at the moment, except for a growing deep dis-satisfaction about talking too big on NASDAQ, and failing to deliver.
That is all.
good luck
PRR Price at posting:
24.2¢ Sentiment: None Disclosure: Held
(20min delay)