Ein sehr ausgewogener Bericht von "Triage" Hotcopper), einem Teilnehmer der HV:
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"And now it's time to get rid of this incompetent directors. "
You mean the same bunch of directors that just saved the company by roping in Tasnee?
Tha's a bit ungrateful isn't it? I mean there's been the same couple of fellows on the board for yonks so why would you get rid of them now that things are finally looking up? Anyway Tasnee gets to appoint one director and there will now be 6 directors. At the meeting Richard Caldwell pointed out that even with just over 30% of the shares Tasnee would be a long way from being able to impose its will unilaterally over other shareholders.
I am as unhappy with their achievements as anyone else but to be frank imo Dyesol would have crashed and burned a long time ago if not for Mr Caldwll stringing us along. And I suspect that even now the whole thing would fall apart if he were to take his bat and ball and go home.
As it happened I did go to the meeting.... 90 minutes and I don't think I learnt much more than what was in the announcement. The good news is that atthis meeting they released the pastries and biscuits before the meeting started but the bad news was that the main course was once again mostly waffle (ha ha). No clear, concise dot points of the stepping stones that lie ahead, no specific targets or deadlines.
No talk of Timo, no mention of any money coming from the Australian government that I picked up on, no mention of any specific projects that Dyesol are about to embark on with SPECIFIC. Same old same old.
Richard Caldwell did agree for the board to consider either a spp or a rights issue if Tasnee does decide to take up its $6m worth of options (they have until November this year to do so at the higher of 75% of market price or 18 cents a share).
I could be wrong but I got the impression that Tasnee is not falling over itself to take up their options. Richard C at one point indicated something along the lines that the vote was for bringing in $10m but then later clarified that it was also still possible for Tasnee to put in an extra $6m. I would love to know what the trigger is that Tasnee is waiting for: I continue to think that they will only take up their options if the Australian government comes to the party also (but nothing at the meeting was said to suggest that I'm even close to the mark with that guess).
He also mentioned that up till May this year Dyesol cannot raise any funds that would dilute Tasnee's holdings but after that they can do so (the assumption being that it is technically possible for Dyesol to bring another cornerstone investor in after May if things turn promising (???)).
Gerry Grove-White made a point of stressing the importance for a pre-revenue operator to have a strong cornerstone investor like Tasnee to add stability to the share registry. He noted that when the Tullocks were attempting to sell their holdings off every single local institution that had been holding DYE shares also dumped their holdings which was a major factor as to why the share price plunged so badly.
Also they said that they hope to give progress reports every 3 to 6 months and that over the next 12-18 months the contents of those reports should support the share price's rise (we've heard that before though). Both Richard C and Ian Neal stated that from now on reports would be about substance rather than hope ... but for now that is itself only a hope seeing how closely they held their cards at this meeting ...
Richard C said that the $10m would pay for the company's cash burn for the next 18 months or so by which time there is every chance the share price will be much higher so any further funds raised would be less dilutionary. I think I am right in saying that he was quite upfront that for Dyesol to commercialise solid state dsc will require substantially more funds than what they have available at this time (????). He repeated that commercialisation should occur by 2016/17.
He said that the company employs about 50 people and they will take on another 5 or 6 employees with this extra money. (So andre those 4 jobs advertised recently is about it for this round of hiring I would think). He noted that Dyesol has 4 staff working full-time with the Swiss.
The Tasnee rep sent his apologies that as he was out of the country he could not attend the meeting so we are yet to hear anything from Tasnee about how they view Dyesol (?).
Anyway if there was any door busting info given out at the meeting I missed it. If anyone else was there and think I've given wrong or incomplete info about what was said please jump in and correct the record as I don't claim to be much of a scribe and could have it all wrong.
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