Share
6,572 Posts.
lightbulb Created with Sketch. 335
clock Created with Sketch.
22/08/16
13:54
Share
Originally posted by Twinvest
↑
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
Expand
agree twin. I guess if one was to look with a glass half full one could say.. Only 7% dilution to get this across the line. I think I'd rather have paid the 7% than lost the deal. A better option was available possibly , but that is not what happened and we weren't there. Bergen outplayed the board. simple.