If we take on board the many positive initiatives, which the...

If we take on board the many positive initiatives, which the optimists among us (and the company to some extent) regularly highlight, that ADO has achieved to date, we could believe that ADO is in fact, very close to finalising binding commercial agreements on several fronts.

What bemuses/concerns me in this regard, is that it is normal business practice, when companies progress to the point that a binding commercial agreement is a possibility, that a “Heads of agreement” or “letter of intent” is established between the two.

The idea is that the parties sign such documents at the pre-contractural stage of negotiations, for the protection of both parties.

It is an initial, non-binding document that establishes the basic framework for a partnership or transaction.

The agreement is the first step toward creating a formal deal and due to its tentative nature can often be renegotiated or reneged.

The key point is however, that it establishes intent and the framework for an agreement in the early stages of a business relationship.

This is the issue that bemuse/concerns me.

To date, we have seen no communication from the company, that any such documents have been established with any of our “collaborators”. As an ASX listed company, I would assume that if they had been established, the company would have to inform the market.

To me this means that we are possibly not as advanced as we would hope, with respect to establishing binding commercial agreements.

Accordingly, it would be a great surprise to me if in fact we were to get any commercially significant news from tomorrows presentation.

As I am sure is the case with many of ADOs long term investors, the wait is getting beyond frustrating.

My feeling is however, that we may have to wait some time yet for significant agreements to be finalised.

Each investor will just have to assess when they have had enough and make the decision that them suits best, both emotionally and financially.

Unfortunately, I personally, am not going to bank on any more than the normal company spin coming out of the presentation.

But - I would dearly love to be proven wrong!