Well here we are, roughly two months after the last ill conceived and poorly supported CR, with a market cap 0f $46 m and a share price sitting at $0.017 (and recent low of $0.016!).
To top this off, whilst there is not a lot of selling volume (yet?), there is absolutely little buying interest from any existing or potentially new retail investors or institutions.
Very simply, it appears that the current management are just allowing our company to be commercially trashed, with what appears to be no effective initiatives to stop the rot.
The majority of shareholders, including myself, continue to hold because we believe that our intellectual property is truely world class and it appears that our technical people are best in class and keep kicking goals.
Also, I my opinion, I believe that a majority of share holders feel that the board and CEO are letting us down and not performing to the level that we expect for a Publicly Listed company.
I Googled " the primary responsibilities of the board of a listed ASX company” and this is what the AI Overview generated:
"The primary responsibility of a board of a listed ASX company is to provide strategic leadership and oversight to the company, ensuring its operations are conducted ethically and efficiently, while adhering to relevant regulations, by setting overall direction, monitoring management performance, approving major decisions, and ensuring proper disclosure of material information to shareholders, all while acting in the best interests of the company and its stakeholders”
Whilst we must acknowledge that the company has progressed in many areas under the "new management”, from a shareholder point of view their tenure has been a disaster, with our investment in ADO being decimated.
With respect to the primary responsibilities, these are the areas of my major concern :
1. monitoring management performance.
Has management truely and independently monitored their management performance?
2. approving major decisions
Did management seek independent and competent advice with respect to the two recent CRs. Also, do they get help and advice with respect to Investor Relations and Communication?
3. ensure proper disclosure of material information to shareholders
Have shareholders truely been continuously provided with material information? It would appear from the many posts on HC regarding this issue, many shareholders do not believe that this is the case.
4. acting in the best interests of the company and its stakeholders
To date ADO has survived primarily on the capital provided by retail share holders, particularly the many long term retail holders.
Unfortunately, their loyalty and commitment has not been rewarded, either financially or it appears respectfully.
When our new CEO was appointed he seemed an ideal choice - well presented, articulate and a good CV that should have been ideal as the new CEO of ADO.
Two years down the track, it seems to me that some other aspects relating to his management style have possibly come to the forefront - tunnel vision, possible arrogance, a low priority of marketing and promotion, as well as a lack of appreciation of shareholder welfare and communication.
One also has to wonder how much help has been provided to him, with respect to quality advice and support for the broad range of responsibilities that he has to deal with and balance as CEO.
This is specifically a board responsibility!
It most definitely seems that now is make or break time and the board has to start taking some proactive action to get the share price moving forward and creating demand for our stock.
Whilst there is some legitimacy in “commercial in confidence” and our ability to finalise and advise commercial agreements greatly dependant on our partners, there are still many things that can be done.
The two videos with Manual Wieser and Fabian Beck were a great example and immediately created positivity, but it was short lived and there has been no follow up.
It will be absolutely of no consequence or satisfaction to ADO share holders if Mercedes Benz successfully incorporates our technology into their products, but someone else owns it!
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