That whole webinar was a complete ruse. This is DM's playbook: set up the shareholders with a feel good, all talk no substance interaction immediately before dropping the regulatory reporting.
If he had any sense of respect for his shareholders, this would have been held after the 4C. But then he would have had to talk about the numbers, not just gloss over them.
I didn't need a webinar to see the products, they are all available to view online. He pulls a couple of numbers, but refuses to put them into context. 93 new shareholder!! How many did we lose? How many of these are just traders, looking (naively) at a quick bounce before selling out?
He mentions the growth in premium smart light products, but only puts in a percentage. This means nothing, without understand the base you are growing from.
The confession of the CFO should have been enough to have him dismissed, "I saw what I wanted to see, so stopped looking any further". This is a complete dereliction of duty!!
The Q& A was a disgrace. Any question relating to a specific event was censored and generalised to avoid facing the issues. Let's take the question about the erroneous disclosure in March. DM just refer us to Schedule 7 of the Corporate Governance Plan. Why? Because when you read the relevant section
it proves that he was solely accountable for the release. As no other Director was named in its release, there was no requirement for them to be given an opportunity to review the announcement prior to its release. Further it was at DM's discretion as to whether to even circulate the release to the board for review!!! This protocol needs to be reviewed ASAP, particularly in light of an incompetent CEO/MD.
The Company’s protocol in relation to the review and release of ASX announcements (and
media releases) is as follows:
(a) All key announcements at the discretion of the Managing Director are to be circulated
to and reviewed by all members of the Board.
(b) All members of the Board are required to seek to provide to the Managing Director
(or in his/her absence, the Company Secretary) with verbal or written contribution of
each key announcement, prior to its release.
(c) Any relevant parties named in the announcement should also be given the
opportunity to review the announcement prior to its release, to confirm all
information is factually correct.
(d) The Managing Director (and in his/her absence, the Chairman) is to be given the final
signoff before release to the ASX of the announcement.
For those still believing the hype really need to start judging DM on actual verifiable actions and results, not on his verbal spin. Go back and measure every promise against the result achieved.
We are about to see another big fat annual loss to add to this stinking pile and they are now considerably larger than the market cap. But apparently we're heading in the right direction!!!
