Poor Man:
In a recent discussion, I expressed my concerns of not following through on an "interesting" ASM. I warned him about bait and switching investors on the April 3 offering and then coming up with nada. I told him that nobody cares about Sawston, compassionate revenues, and especially guideline timelines because they never happen. Never happening is as certain as death and taxes. Further, if they do give timelines, why now? What happened to his catching the shorts off guard? If he did give guidelines, they would not be believed and he would be doing the exact opposite of his silence strategy.
The only interesting thing is top line. Nobody wants to hear how close you are. Nobody wants to hear you are on the three inch line. Management put themselves in a box. Shareholders have been led on. The two month ASM lead time and the interesting meeting, In all investors' minds, the only thing of real interest is top line. He would need to be woefully dense if he did not realize that. To invite shareholders to come to the ASM and giving 2 months lead time can only mean something important. What could be more important than top line? Without it, nothing else happens. It is the gate opener. If Les thinks management can skate around this, he is more than naive. IMO, if management can't deliver the goods, postpone the ASM, until you can. If nothing is delivered, all credibility in management is lost, the SP will hit single digits and you can forget "friendly" investors. You can't burn your friends all of the time. He thanked me for my insights as if they weren't obvious.
Stay tuned.
