To the anti 249D club, what's your thoughts on the main contributing factors as to the destruction of MEB's reputation, share price and therefore your capital? Wouldn't you want a board that appreciates your investment? ASX class actions especially in micro caps are mostly a waste of time I will not endorse or take part in that but am all for the return of Peta to the team. The best way to regain your loss is to ensure a team is in control that has a better likelihood of succeeding. MEB has failed time and time again. Too little for too long, the current board. Remember current CEO is partly responsible as CFO for the cash use of the company and as we've seen in the past year it has been ridiculously high for our company size. It got out of hand and now after this quarter we're stuffed. Raising capital is going to be a struggle especially if a class action is filed until a verdict is reached as it looms over the potential future of the company especially if any wrongdoing is found out in the process. In a private placement we can issue up to what, 25% of our capital in shares assuming SH's approve. At a market cap of $15 million that's $3.75 million. Using $5 million a quarter we've got about 6 months in us give or take with a raise.
CE mark has achieved zero known agreements in the European market. We haven't heard of any new contracts since the board blow-out so WTF is MEB doing right now aside from paying a company to find us a CEO and spending our funds on legal advise for the 249D / potentially a near term class action?
