Maestro - you do have to apply a discount for a number of the following: Insider dealings (as there clearer has been when things were going belly up) Poor and late communication Confetti warrants if you add them into the mix, it gives a bit more balance and makes numerous others more appealing.
J, well if you draw a £600K a year salary from an AIM listed company and are continually late delivering news, you should expect criticism. Without those people you very weighty salary doesn't exist. So its give and take. Sadly the BOD have done alot of the latter, especially with the leaking of poor results as witnessed previously. Now they have a chance to repay PI's faith who did standby and believe they were capable of turning things around, they should be doing all they can - but as yet they aren't - some people will not want to invest money if they believe the BOD classes them as an irrelevance.
There appears to be nothing from the company in terms of ramping up media duties, interviews etc. Now considering Graham and Majid, were both quoted as acknowledging that they felt shareholders previous pain and that they had learnt lessons - there appears to be very little coming from that department. When the dirty has been done (and insider leaks would suggest it was very dirty) then you need to go the extra mile to prove things, to enhance reputations, to rebuild trust. They now have provided detail (which lacks in some areas as Tony and others have pointed out) now surely is the time to fill in some of those gaps and speak directly to their shareholders. Especially where the dividend is concerned, its very late and the "we are working in the background" fluff can only last so long.
The update in Feb, gave info regarding a new field that they should have RNS in December as it materially affected our value. So lets not hold that up as a beacon of detail. Divi was due Jan, Q update was due April - dates Graham and Majid detailed, here we are in May not knowing either or what we are making, daily/weekly/monthly. Which in our field is a basic to try and establish what our true value is.
If an update isn't here by the end of next week, i wont be a shareholder by the time one arrives, for all it should be spectacular, i'm not sure i can trust these guys with my money.
I wanted to say the same, but thought i'd almost certainly be accused of sounding like a broken record.
My faith in the BOD is now at the "why am i still holding this" stage, i have a date in my head where if we haven't received news, i'm off. I dont get replies to emails, they are missing dates that they themselves selected. If it was my own impatience i'd shrug it off, but its not, its information that we should all know and none of us do. POO is absolutely making this a sound investment case, but the BOD's behaviour is waving a big red flag for me.
Almost everyone here is in agreement its under-valued - why is it under-valued - i think the vast majority would agree that its due to our totally inept line of communication from the BOD. Missing deadlines can be forgiven (to a degree) in the current climate, but when you start missing your own self imposed deadlines, things get upgraded. The BOD haven't got to grips with newsflow or basic communication at all. If they fail to notify this week in real detail, i suspect we maybe in for a bumpy ride.
Cut them some slack - for missing deadlines that they themselves set? I want it all to work out Maestro, but come on I3E management have been dreadful when it comes to timekeeping and investor relations and the Divi delay just shows that - that side of things haven't improved one iota. I have seen very little from anyone questioning the quality assets, they will speak for themselves, AS LONG AS the board keep to guidance and timescales - which is why we are only at 9p
The IPD (Investor Prevention Department) as usual seem to be more active than the department employed with creating investor interest and goodwill. I got rid of half here due to continuous missed timelines, as far i'm concerned the clock is ticking on the other half. Everything on paper from what we know, points to this being under-valued, but considering last September the BOD where very keen to stress they knew about investor frustration, they have done very little to justify those comments. For me if in two weeks we haven't had detailed info on the Dividend, Clearwater and our margins and what the bottom line is looking like, then i'm not sure i'll stomach this anymore.