Well done......

Good thread title hey - But just a bit sarcastic this time

In business yes there are always mistakes but also accountability needs to come into action as well

A few things have taken place over the last 18 months or so and needs to be dealt with

The rights issue to buy Diasource was done at 7.5 cents - Raising $13.2m

This Diasource transaction was apparently known about for over 12 months and this is the result we got

Since rights announced almost $4m sold down by Morgan Stanley and CLSA - See discussions around First Equity for further ideas on this

After executing the rights the board then do the disgraceful financing deal with Bergen "to possibly avoid dilution at low levels" (Laughing out loud here)


So after asking all shareholders to dip in at 7.5 cents then go to Bergen - Great move if you have no idea what you are doing

So for the sake of $2m it has cost the company dilution of 80m odd shares - which they picked up at 3.6 cents

Now I ask the question - If you were the largest shareholder or so wouldn't you be pissed big time if your holding got diluted like this?

Or did someone benefit from the downside somehow...

Is a non recourse loan involved and all the money come out of the market ?

Is their a loan to First Equity that may never be repaid?

Maybe the former largest shareholder could ring Bergen ask for some of the 3.6 cent shares then sell on market and pay off loan to Last equity

Or maybe... nah dont worry that's a silly idea Twin

Still think this needs to be disclosed to market / ASIC if their are links to inside information/directors etc

And of course no one involved would have posted on HC over the last year or so would they....

Board needs a massive clean up as I have mentioned already

I have met Dr Joe Maeji and have great respect for him and he is a very smart man - But business wise I don't think he really is that concerned and is more interested in the science

Anteo needs the right group of leaders to grow this business correctly

Chairman - You have no doubt done some good things in business but your chance to have an impact on this funding for the acquisition was a failure IMO

We speak of Aussie innovation and then we see companies mismanaged at critical execution points in their timeline

I think a lot of these HNW's are more interested in getting a stake pre listing and then flogging it post an IPO then helping a listed company succeed

Perhaps why the "financing" structure was described as so involved and so much work had gone into it (words from last years AGM) - I wonder who the work was to benefit or protect?

To dilute this business at this stage of the life cycle is a real shame and shows the lack of respect and connections all board members have as they could not do better than what we ended up with


Business is about execution - Eventually the wheel stops spinning and you have to show what you are made of - Time for some that actually have been successful and done that in their own business not just taken celeb status and board fees for appearances

AGM should be interesting this year