Member Info for 120712

My take on the AGM.

The Chair was not prepared for the meeting and managed the whole AGM without authority and purpose. When specifically asked about what is being done with the Bergen deal he said "I don't no very much about this deal but will look into it". David L saved the day by rambling on about plans he has to resolve the Bergen situation but is focused on generating revenue and getting to being cashflow positive (before the current money runs out). DL also stated that the 3p raise earlier this year was the killer to the share price but it can be turned around with the focus on revenue and cost cutting. Expenses have been reduced by 35% and there will be no new hires until the company becomes cashflow positive. So no external replacement for MR which means it looks like the current Finance Director will be announced shortly and PR activities will be taken over by a Board member.

When quizzed on MR's departure it was confirmed that this was not down to any financial

irregularities and it was by mutual consent.

It was confirmed that going forward no numbers would be published and that the 2023 revenue of $9m will not happen. So Ethernity will never have hit one forecasted number since the IPO! Something must change if this company survives.

My summary:

1. All resolutions passed

2. Poor meeting

3. Shareholders made the meeting uncomfortable for the Board !!!!!

4. Company looks like it is on the edge. Cash left was not discussed.

Hope this helps a few of you that couldn't make the meeting.

Now that MR has resigned what about the Chair falling on his sword and also DL as they should take collective responsibility rather than making MR the fall guy as a token gesture to shareholders.

How many of the investors that post on this site will participate at the AGM? The more the better.

Dallo

Why move on now? Your comments and views are very much appreciated by all sensible shareholders. I think I can speak on behalf of many on this site that we don't want you to stop posting. After all its not over until the fat lady sings or something like that.

All

Firstly, the $9m forecast for 2023 will be downgraded without doubt but now is not the time for DL and MR to say that, even if they know it should be disclosed. We have been misled many times before. Something needs to be done and I agree with the general view that an EGM is the best approach.

Dallo - I am only a relatively small shareholder in comparison to you but you have my support.

Dallo

Agree 100% but will things change? Can we influence a Board that is 90% Israeli? The direction is set now and we will see if ENET can survive.

If I read the AR correctly the Going Concern is based on the warrants being taken up and the revenues for 2023 being met; which were not confirmed in the announcement which I though was surprising. I agree with the next six months are critical but I also think this business is doomed unless it finds a partner.

Well the deal is great news but it had to be announced; awkward timing. This could be countered tomorrow with bad news. I still think that shares will be suspended on Monday but I hope I am wrong.

Hi Bid

I agree with you that usually companies would say in advance that there is an issue posting results in timely manner but this is ENET and the norm has not often prevailed. There is clearly a game of some sort going on and the story will evolve tomorrow. As I have written off my shares I am quite looking forward to see what happens next.

Any Israeli tech company that wants to list in the UK will be seriously impacted by what happens next and also MR and DL are damaged goods looking to the future which is a shame as I was a great believer in them both. Still we all learn at whatever age you are :-)

Looks like no AR will be issued so they will go into a period of being suspended. What happens after that is anybody's guess; delisting most likely.

Just a thought but I reckon that the delay/plan is not to post the AR this week. Shares suspended on Monday, with stock price dropping to under 1.p Then we will see what happens, delisting etc. , but as you will tell me ‘you know nothing’. I think the word is out.

01234 - This is bad news for ENET as all the key development staff will be prime targets for Intel and could be another nail in the coffin unless they buy the company!!!

Unfortunately, the initial IPO fund raise was all about building a balance sheet that customers could believe in; longevity. This has been the main message for ever other raise. So with this latest round being small the balance sheet will not look very good; we will see when 2022 accounts are out. So new customer deals? Even existing customers may think twice. I hope I am wrong. We need some really positive sales news asap.

Fredelm- Get a life!!! I have always been an advocate of contract news but not 'stocking fillers' so please don't label me in the same way as many in the past. The only way this stock is going to increase in value is with sales/contract news. ENET have being doing these exhibitions since their IPO but I haven't seen any new business from any of them. Good investment in shareholder money? All we need for the price to increase is solid sales news and numbers to support it. We will see what H1 holds.

Come on ENET do we really want to know about a pitch at the WISPAmerica event in Louisville?
Does this justify an RNS?
I think that shareholders want contract news and company over performance update!
End Q1 in sight and hopefully the numbers are good?
Please rethink!!!!

Firstly, 01234 sorry to see you go completely from this Board and thanks for your comments. Interesting you posted on the 17th November a 'Strong Buy' tag but maybe that was the typical B**L S**T you have usually posted. Glad also to hear you have exited, I wonder how much you lost as you are clearly a sophisticated and savvy investor knowing when to buy and sell and advise others.
I am a believer in the company's products and will stay for the long term. For all interested parties I am suggesting that the Board refresh the company by bringing in an experienced executive director to drive the 'day to day' business as I really think it needs new direction. After all there have been no senior executive appointments since the IPO which I think is unusual. Also it would be more reassuring if the CFO would invest even a small amount to show he is committed.

01234 where are you?

I would love to 01234's opinion on this one!

Any management changes must be driven by the Board. The independent directors have a responsibility to shareholders to ensure the sound running of the Company. They must also take responsibility for the mess that has been created recently and find a solution.

Hi ripley04
Do you think Steve Jobs would have given this type of presentation. Always too much tech. More like a Bill Gates pitch notwithstanding they both made a few $.
Disappointing announcement from my side with a reduced forecast slipped in for 2022 (down from $4+) but again promising big for 2023.
I remember the market expecting a $9m turnover back in 2019.
I can only hope that this latest cash takes Ethernity through to cash positive otherwise my investment is completely shot.