CEO Dr Paul Mastoridis wrang me this morning regarding my email about the obvious manipulation that we have been recently subject to...Wish he had wrang me after the CR announcement not prior to it.. 20+ minute conversation on how "the future" moving forward is going to be rewarding... Tried to emphasize how his aim is to get he stock in the dollar value, forget cents he said... AS encouraging and knowledgeable as he sounded, was no different than many other CEO's I have talked to in the past, they sound like carsalesman .. Believes this will be the last cap raise, that cash flow positive will be achieved soon, put emphasis on strong growth over the next couple of years.. hence why he strongly believes SP will be well over 10 times where we are sitting currently...
I had to cut him off numerous times as it was hard to get to say something, got a little heated at times, but eventually I got to ask him about the recent trading that saw the SP jump fast to only be pushed down just as hard and fast, jumping over 70%+ then to end up in the red at end of the trading day... without writing a book about this conversation, I will say he attempted to be clueless to what happened, and to why it happened... I pushed the point that he would know who dominated the selling, as the register would clearly reveal such, but he made out that this info is delayed and he did not know... but lets face it, IF you know the CR is 2 cents, why wouldn't you dump the stock only to load up again and at a third of the value you dumped it for.. Paul is very confident and excited where he believes Adherium is going over the next 12 months, believes that in 2-4 years current share holders will see massive rewards, but what CEO says the opposite, as if he is going to say, "lets see how we go, we may just live on CR's forever"... I must admit he has admitted that he hates capital raises, and made it clear to the board that this is not what he is about, wants to prove up his worth and make the business/revenue pay its way forward to support Adherium... Said he was told he had to raise money when being offered the position, was not impressed by such, but knows we need it for survival..
When I talked about Regal and other other large entity holders, he brushed it off as best he could , kept trying to return me back to the future... TBH he seems very ignorant to trading, accumulation, manipulation games, in his opinion he doesn't even know how one would achieve such..
I gave an example, saying that if a holder owned 10million shares, with a register of only 50million shares, and that holder knew that a CR was due, why wouldn't he dump the stock to only achieve a better entry, especially if he knew what the SPP was going to be done at... Vague reply.. again focused on the business, mentioned that he had put up his own money in the raise also.. told me that the SPP was going to be offered to all holders this time round...
I am at a cross road here...
Over the years we have been subject to heavy dilution via give away CR's, then the stock got consolidated to allow more room for ongoing CR's... previous and current CEO gave stock away at heavily discounted prices.. grrrrr
Recent run to over 9 cents could have easily settled around 7 cents considering mass volume... VWAP for the current CR could have been more around 5 cents, not 2 cents... but obviously having the SPP done at such a bargain placement would assure that its fully taken up, PAUL himself taking $100K worth, not that impressed really when your on $350K US in your current position and you have yet to prove yourself..
What to do... IMO we have been subject to inside info, the strong dumping after hitting 9 cents was obviously someone in the know of the 2cent CR... hell, who wouldn't dump into 9cents and below knowing you would be able to buy back at 2 cents...
ASIC could investigate this if enough of us reported this... but what do we risk ourselves, having the company and top holders investigated, to potentially put ADR into suspension or alike... Im invested here, average is just under 12 cents, cost me over $60K, absolutely smashed.. so yeah Im pissed as would be most of you, will I see a return, maybe... Lets see if Paul is a man of his word... no point selling now is there...
Over all opinion... Company is progressing, Paul has seemingly a strong driven attitude and believes he will prove himself, believes Adherium will be cash flow positive very soon. With strong growth prospects, links to AstraZeneca, FDA approvals in place, a soon to be replenished bank balance, this could prove to be the bottom for ADR...
pre-consolidation we would be near touching on .001 .... hence why current shareholders are burned out and are pessimistic.. we truly have been taken for a ride
ahhhhhhhhhhhh, feel like we have all been ripped a new one..
Talking with the main man this morning just brings back Déjà vu with another convo I had many years again with a CEO of another biotech, nothing bad to say, sales pitch of a glorified car salesman ... Lets just hope this CEO is a man of his word...
Report manipulation/insiders???? or sit on the side lines and let this one play out, wait another 12+months and see what happens??????
ruthless is this game... shareholders nothing more than a charity currently...
Pauls salary over $536,000 AUD... a fat $10K+ a week ... not bad for a company that isn't cash flow positive... As of 27 August 2023, Australia's prime minister is paid a total salary of A$586,950... wow Paul, are you as valuable as a countries prime minister?, a prime minister responsible for over 28million people... yet here is a CEO on over 530K a year with not even a ounce of such responsibilities ..
Hopefully everything that was said to me this morning by Paul proves to be true... at this stage I would be happy just to get my money back.. I knew there was a reason I disliked long term holds...
ADR Price at posting:
2.2¢ Sentiment: Hold Disclosure: Held
(20min delay)
