I've been off this stock for a while but with the AGM today and a published CEO address that repeats the same spin themes as previous years, I couldn't help but make some comment.
Before you read the presentation, take a look at the Disclaimer up front - basically it says we can say what we want but don't hold us accountable for anything! Really? Market cap of $11M, a share price of $0.015 and 760-odd million shares, what a joke. This must nearly be the worst stock on the ASX - and all under the Chairmanship of Rathie. His stewardship of this business has been a total failure, the revenues have dropped year-in and year-out, they've never delivered a profit, and all continue to drop with nothing but fresh air and hollow promises on the horizon. By the looks of the CEO's presentation, the same garbage will be trotted out again at today's AGM as has been the case every other year. Pure bunkum that never seems to be challenged by a single person.
When will this group become accountable to their shareholders? This needs some hard action taken to have any chance of recovery and finally providing some reward for the long- suffering shareholders. Fire Rathie, fire the existing Board and fire the new CEO, who seems to be totally toothless - no real surprise as he's an appointment by Rathie from another Company Rathie is a director of. From what I can see, another manager who knows zero about the industry sector or the underlying business. With Chairman, Board and Management, all with no idea of how to run the company, its success is directly reflected by its results. And, over 11 years as a public company now, not 2 or 3 or even 5 years, 11 years! And with multiple capital raisings and annual revenues, these turkeys have taken good care of over $60 Million!! Snort, snort! Hey shareholders, look out for the next capital raising and more dilution of your shares - all for good reasons of course!
I and a stack of other people dropped all shares some time ago. I took my clients out as well, as I couldn't put up with all the BS which comes from these guys. They treat shareholders like mushrooms - feed them crap and leave them in the dark.
I did notice they've kept Subaru for another 3 years, the question is, at what price, be a good question to ask today.
As has been the case for quite some time - last one out, please turn off the lights. But even so, it seems Rathie will still be hanging on, sitting in the dark hoping for more directors fees from the trough.
DYOR.
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