1. It wasn't an accusation and I did include ? marks. But, point taken. Given all the surnames were ONG I thought it was a reasonable assumption. I never minded either, just that given how the disclosure events have been handled and now the CR it causes me to be suspicious. I have requested
@flexiroam to provide some further detail, and offered to apologise if everything is above board, but as yet no response.
2. Fair enough. As above, I didn't think anything was amiss until recent events.
3. I disagree completely. The revenue trajectory from the 1st 4C indicated a CR was needed. (As it turns out the ASX was correct). FRX admitted that they were in the process of raising capital only after the ASX aware letter. If the ASX didn't act, and FRX raised to some existing holders and not others, what do you think the holders that are being approached with cheap 4c shares would be doing?
The following quarterly 4C indicated a drastically improved cash burn trajectory (-$278k) that would not require a CR. (ASX agrees this time hence no ASX aware). Add to this 3 substantial distribution agreements signed during the quarter, entering the northern hemisphere's summer season plus a lower AUD and steady improvements in App Store rankings.
Outside of ASX's concerns, a reasonable basis to expect an update on the CR, especially given of the aware letter and writing off goodwill (again caught on the run in my view).
We get an Annual Report that refuses to breakdown revenue by geography as had previously been the case. Even in the last 4C, FRX have not disclosed the revenue that was consumer vs wholesale.
4. Not lucky, skillful/brave/stupid. Catching a falling knife isn't easy or fun. Seeing others being rewarded 8 months later in a substantially de-risked situation is insulting to you, me and even more disrespectful to IPO holders. I'll stand by that view until I see more detail, and will unreservedly apologise if I'm proven wrong.
5. I agree that's why I'm so frustrated! You & I can currently buy 50k @ 6.8c! That's a
70% PREMIUM to what they raised at yesterday. There is literally zero volume in this stock. The AGM next week should reveal the position FRX are in.
You are correct, we aren't privy to their discussions. We do however have a reasonable estimate of how the business is faring. Have you considered the alternative options that may have been available to them? Of these options, which to you think would have produced a worse outcome for existing holders (that didn't participate in the CR).
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