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Technology Stocks : Orbital Engine (OE)
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To: Dr Mike who wrote (4554)10/31/2000 9:57:55 PM
From: John M Connolly  Read Replies (1) of 4908
 
Mike: We have an interesting situation with OE. We have great technology and the engineers who invented itbelive that they are able to manage and sell it. We have a CEO who have no experience other than Orbital. The convertible was a result of this inexperience as was the Mercedes fiasco. There is a report on Yahoo from a person who attended the Melbourne AGM and apparently they were talking of the possible need to raise more money. This I consider unacceptable - as IMO it shows managements lack of focus on a profitable bottom line. WE should be cash flow positive and be self funding at a minimum with all the positive talk we are hearing at the three AGM's. I belive that management needs to show ability to produce a profit - then and only then will they be credible - currently they have been in place for a decade and have failed to produce a single cent in profit - actually they are running a $A160M deficit over and above all the revenue they have ever received. Now I agree that the prospects are more positive - but you cannot put prospects in any bank and they add nothing to shareholder value. I have been very critical of the managment of Orbital and in my opiniom with good reason, I need to see a little performance, prudent management and smart management before I will become a blind cheerleader. Objectively , this management has many negatives - they are however, learning on the job and we as shareholders are going to pay the price for this inexperience - the convertible was an example, if the further raise capital with more dilution, we have the possibility of rapid expansion, and that is a dangerous course. If all positive talk we are hearing at these Australian meetings are correct the corporation should be self funding, this new talk of an additional funding requirement shows managements lack of focus on the bottom line, lean and prudent management not to mention shareholder value - but why should they be interested in shareholder value -they own almost no shares.
John
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