Exactly what I alluded to above. In absolute frankness, it's was an absolute facepalm forehead moment reading the Onergy proposal. Caldwell's team destroyed GSL for shareholders, which is a fact. In no way do I believe Caldwell did it purposefully in order to make this new bid with Onergy. Such an accusation should not be made without proof, and I think is a bit too rich of a Machiavellian plot. What was clear was there was a massive disconnect between where GSL stood, what it was hoping for and what investors and the public were being told, which I believe falls on management to have, well, managed. Australia (and the world) just went through an almost decade long bull run in the stock market. There has been investor money around, and if the GSL story was managed appropriately, some of that could have flown to GSL to get MAD up and running.
The absolute sense of despair, disappointment, anger and shame that built among shareholder across 2018 from the ongoing failures of management seems to be the obvious reason why shareholders were not approached for funding. I've lost count of the failures, from something as small as telling us that an update was coming on a certain date (and didn't), to having a contract signed for funding with an organisation and money was just being held up by admin stuff. By the end, you can't reach out and ask for money from people that don't trust you after feeding us:
"Elsewhere, we are making very good progress with other potential investment counterparties."
"We have also had new investment enquiries from China, India and Thailand, and we are pursuing themwith vigour."
"signed equipment supply and technology transfer contract.. signed subscription agreement for a 10% strategic investment in GSL"
""We are very pleased to have closed on an international commercialisation partnership."
If someone had burned me so many times, I wouldn't trust them, here or anywhere.
GSL Price at posting:
17.0¢ Sentiment: None Disclosure: Held
