Hey CB, thanks again for another of your “glass half full” posts, reminding us why we are and continue to be invested in ADO.
The achievements of our technical team truely are remarkable and in my opinion, the only reason that long term investors are still on board.
In this light and as has been highlighted by many “frustrated “ ADO holders, the board and senior management, must surely do some sole searching!
The primary role of the board of a public company is to preserve shareholders investment.
Secondly, they should then be enhancing this, by executing their primary responsibilities of managing capital, maintaining a positive market perception through diligent promotion and market announcements (confirming the companies technical progress) and finally, commercialising the proprietary technology with appropriate contacts.
Unfortunately at this stage, in the eyes of the market and current investors, the current board and senior management team have failed dismally.
A second CR, with in months of a first, terribly executed and market cap decimating CR, without the confirmation of any significant commercial agreements, has seen our share price at multi year lows. In fact, closing at 10% less than the latest CR issue price and over 60% less than the price before the second CR was announced!
Shareholders need better than this and if our current terrible share price was the result of a combination of unfortunate timing or unforeseen circumstances, we should be told.
Also, in my opinion, we should be told a hell of a lot more, with a hell of a lot more humility and consideration for where market cap currently is.
Loyal long term holders have seen their share holding decimated in both price and by the number of shares now on issue, which will have a significant handicap on future potential gains - should they ever eventuate.
I was not able to attend the recent AGM, but my appreciation, after watching it, was that the Chair and CEO were either indignant or possibly arrogant in their attitude towards shareholders and their concerns.
Simply, this was not good enough.
Whilst we obviously need the board and senior executives to deliver significant commercial contracts, in the mean time, we need to feel that they are on board, considerate and have empathy for the the current poor situation that the company and their shareholders are in.
Commercialising new technology developed by a small Australian company, with major multinationals, was always going to be a tough gig, however recognising the importance of a loyal share holder base and communicating with them appropriately isn’t !
My suggestion to ADO management is, if you want this current CR to succeed and win back the respect of the majority of shareholders, have a good hard look at yourselves and act accordingly!
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