I spoke to Alex today. Very quick to return my call once I left a message. Considering that I have left multiple message for 3 other ASX companies to call me back (who are also in strife), was very pleased Alex was so responsive.
In summary there has been a delay in completing the yearly report and Alex was wanting to get that out potentially with the notice of shareholder meeting notice at the same time. I assume this may be due to admin costs with doing this and considering there are no funds so he is forking out.
In regards to going to market with the IPO, he is wanting to ensure he has his ducks lined up and a lot of those ducks are in Gridcomms space in securing deals. He does not want to go to market again and not get funding so he needs to ensure that when the IPO does come to fruition, there is a revenue stream and path to profitability.
I would MUCH prefer this as the longer this takes and the more business Gridcomm secures, the funds come out of their pockets! If we had listed already, all IPO funds would have been used to try and get secure new deals. RFT's are a lengthy process and as such this will take time.
I confirmed that I personally like the approach as I am patient, but he immediately fired back and stated that must shareholders aren't and he was very very understanding of that and he shared their frustration because he is now not funded to do this and wants this to succeed as much as anyone.
Unless I see something otherwise I am not following up till January as I doubt much will occur during the Xmas period.
So sit tight and maybe I am the only one with rose coloured glasses on but I think this will definitely get off the ground. But like most of you I will be down because if the IPO price is 20, I would need the stock to nearly double in price!
ODN Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
