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Technology Stocks : Formulab Neuronetics Corp.(FNCLY)-Anyone following this CO
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To: Mick who wrote (163)4/8/1998 12:21:00 AM
From: Mick  Read Replies (1) of 210
 
All FNCLY Shareholders

Well I've finally decided to opt out of the company. I listened to the words of Michael Heffernan of Formulab, to his reasons for the share price slump, and I must conclude that I am extremely disappointed. I'll accept the rather large losses I've accumulated and invest in some of the new floats on the ASX in attempt to recover. In departing I sincerely hope that for all FNC (FNCLY) shareholders that the share price does recover for you and indeed it does become a success story. Unfortunately at this stage I find it difficult to accept that it will. In my contact with the company I have found it bloody near impossible to get a straight answer out of them and every time they indicated that the company was aiming to return shareholder wealth, the share price continued to fall. They wont disclose the names of groups that they supposedly have contracts with and the only public announcements made are those which are irrelevant to shareholders, e.g they dont deal with the fundamental issues of financial viability. I remember reading of a conversation one 'silicon contributor' had with head of marketing and how 1998 was the year that they would spread the word. What a joke, only problem is that I, as a shareholder am not laughing. At last years A.G.M the company indicated that they believed they would make breakeven for the current financial year. A $10 million loss at the end of December and no announcements as to how the second half was to correct the situation highlights the ability of management, or lack of, to deliver. To the company, next time somebody contacts you and asks why the shareprice has fallen so much, dont reply with "Oh, we dont know !", have a look at all of the reasons above and be bloody honest with the people you manage the company for rather than to treat them with the contempt you do.

Regards
Mick
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