A very weak and disappointing response.
More spin, the same old stuff that shareholders have heard for 2 years, since the share price went from 50c to 10c.
They are now trying to blame others for the acquisition of Cohort - and are not taking responsibility for themselves.
Many shareholders, including myself at the time, kept contacting them about the stupidity of the Cohort acquisition - but they wouldn't respond or listen.
Now they blame others for their own lack of due diligence - which is a total cop out - but is quite typical.
So how much are PureProfile spending on lawyers fees now against the founders of Cohort?
We don't know!
Shareholders are never told anything, even in this current weak response.
Cohort was a successful business, it's profit when taken over was $2.7m - but all shareholders were told over and over again in the following years after acquisition was that the integration of Cohort was more difficult than expected - with no explanation of how or why?
And when asked, PureProfile management refused to answer.
They were arrogant and elusive and secretive, and had no consideration for shareholders, and still don't seem to, judging by this weak response.
How is the turnaround succeeding? We are not told.
Profitability is returning?
No it's not, what a fib, just look at the $8+ million loss in the current half - so where is the profitability?
We've been fed this crap for years.
It's quite obvious, the directors and managers have no idea how to run a "PUBLIC" company that answers to shareholders, nor do they know (or feel responsible for) continually and honestly keeping shareholders informed of what's going on.
Over 2 years, I kept contacting the company appointed by PPL for shareholder enquiries.
They kept emailing me back saying that they have forwarded all the questions and enquiries on to PPL.
PPL never replied even to them, because the enquiry company never got back to me, and in fact they were getting quite embarrased by the lack of support and response from PPL directors and management.
So PPL directors and managers even ignored their own shareholder enquiry company, who they were paying for the service.
What a joke!
what a disgrace!
PPL now say Management have increased focus on financial discipline?
So how?
And what happened to the new financial manager?
Did she leave after 4 months or not?
And why did she leave?
Why did the last guy leave after a year or so?
But more importantly, why were shareholders NOT informed?
We never know a thing, even though we continually ask?
What do these guys have to continually hide?
I'll tell you what they were hiding - they were hiding behind gross incompetency, as evidenced by the financials and the share price, and continual useless spin.
They now say a new CTO was appointed in February - who?
Once again, the shareholders have not been told.
Why not?
Clearly, their behaviour has still not changed!
It's just another example of the lack of accountability.
Where is their disclosure obligations?
ASIC should be looking into this company's disclosure obligations responsibility.
They have no idea how to run a PUBLIC company.
This weak response says Edwards has led the transformation through a difficult period - Utter Bull (UB).
Edwards and his team ACTUALLY CREATED THE DIFFICULT PERIOD - then they didn't know how to handle it.
They have hidden behind their incompetency, and are now trying to blame others.
They have been a disgrace.
They say the company is now in the best position it has been in since the IPO - more Utter Bull (UB).
How can you state this rubbish when back then, the company was 50 cents a share?
More spin - more spin - more spin.
They say there is a clear roadmap to profitability - well, once again, what is it?
Why haven't shareholders been told the details?
Again, we're fed cheap useless spin.
Shallow promises that are clearly not reflected in the market place.
Could Edwards lead a horse to water?
The proof is in the pudding.
If he had that ability then shareholders would not have had to endure the last 2 disasterous years.
The market place is very clear evidence of this!
When will they learn that it's not what you say - it's what you do, and the honesty with which you explain it to those who fund you?
So how about finally now having the dignity to stand up and accept some responsibility, instead of now hiding behind lawyers and spin, and more bull-dust.
This company, it's directors and managers, have been nothing more than a total disgrace.
They should be bought to task.
There needs to be a time of reckoning - and it needs to be recognised by all shareholders.
It's now time for some major change.
Nic Jones doesn't need Edwards there, he will be a legacy to a failed past, and like a huge stone around his neck, drowning him.
So let's give Nic some clear air, and let him lead without the continual interference from a failure of a chairman, who has participated in the continual destruction of shareholder wealth over the years, while thinking up more and excuses and spin.
It's time for a change - now!
Give Nic the clear air he needs.
I'm voting YES for the changes.
We can then wipe away the failures into retirement, and let Nic lead PPL into a new future.
Gw
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