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clock Created with Sketch. 13/07/21
14:04
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Originally posted by mallcop:
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I think Tony quit because of the pressure he was receiving regarding the share price. Under his tenure, the price saw no improvement. Tony did two capital raises at 3.5 cents, all new holders now being underwater. There is no doubt some pretty angry institutions out there who would definitely have an axe to grind with Tony. I think through his lack of public market experience that for every positive improvement Tony made on the operations he made a mistake on reporting, investor relations and governance. Tony is one of those guys who believes that he can focus on the business alone and the share price will take care of itself. For a company with very chequered credibility, you can not do that! FOD was a public relations nightmare when he joined and it remains that way today. You have to communicate and demonstrate the undertakings that the business is doing above and beyond what it has done historically. I would apply Occams Razor in regards to Tony's resignation; the simplest explanation is probably the right one, the share price.
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One good thing, is the CEO unexpectedly steps down and the share price maintains its current level. Suggests to me we are near the bottom range. Although poor financials will drop that range even lower.
(20min delay)