We like companies telling it as it is but shareholders of...

We like companies telling it as it is but shareholders of DOLOMATRIX (DMX) must have been despairing over the brutal honesty of executive chairman Jon Doumbos at yesterday's annual meeting.

"For many and various reasons the domestic hazardous waste treatment market has not been and may not be lucrative for some time," he said, and then went and listed five reasons. He didn't let up. "The projects that the company has won this financial year are small and low margin but beneficial from a proof of concept and credibility perspective. "The cash flows from these projects, however, are insufficient to meet and provide the company with the means to self fund its overheads and for continued marketing and research costs."

As a result Dolomatrix is negotiating with several parties for an underwritten rights issue. However, Mr Doumbos did end his speech on an up note ...

"We remain optimistic about the year ahead and the opportunities before us." So did the market. The shares rose 2.2c to 5.9c at one stage before closing at 4.9c, which is almost doubled from 2.5c at the start of this month.