Originally posted by Davisite
Yep you have captured a lot of my despair about the Australian listed biotech industry. Hype is rewarded and bagholders created on mass while the good companies struggle to raise any money because most investors are rightly wary of anything biotech.
We need something like the JORC requirements for biotech or even just subsidised unbiased analysts coverage of the small biotech so the small punters have some idea what they are buying.
Just some quality honest management and with all the new technology improvements I think every ASX company should be doing quarterly cash flow and small companies should be on bi monthly so the frauds get caught up with quicker. Can always dream of ASIC actually having teeth but worse than that is the analysts and the newsletters with the promoters getting away with so much. If only someone took ASIC on as not regulating as a test case and then they might take their job seriously as there is enough risks out there without the ASX being no better than wild west pink sheets OTC in USA. . Twitter is unregulated and they are using h c as fodder spreading bullcrap. Really makes you wonder if seed is the only place to be and then only punt the short term momentum as even with deep value in technology poor management and finance spivs are getting the better of good ideas, technology and products.
The introduction of single number for all registered with ASIC , all companies , individuals and all Brokers having to allocate number to clients will allow AI and ASIC to actually see a lot more in terms of insider trading but I doubt in current form they will take action and they would still need to actually link relatives, mates and associates then prove info was given. Declarations of interests are pathetic and all directors and senior staff should have to decalre to ASIC all children siblings and parents 2 layers in both directions as a start and a annual stat dec so there is a easier path to convictions. Current scams are using offshore listings and doing business there as so little regulation , via CFD's etc.To many phoenix happening and assets strips by parties or by administrators / liquidators whop are only interested in fees not shareholders interests it seems as they never fund action against directors. maybe we all should invest in or start a Dir indemnity insurance company as money for nothing with no claims happening!
Ahh well thats my bitch for the year !!
(20min delay)
