DUB - Dubber Corporation

[Dona Ferentes]

That's an impressive rate of cash burn even ..... they would need a lot of very unsophisticated investors to pony up..!

but wait, there's more ... or less.

the headline

The ASX-listed call recording software group has suspended its chief executive after it found some $30 million was “not currently available” to the company.

 

[galumay]

It would be bloody hilarious, but sadly there will be naive retail investors who bought the narrative and have done their capital.

I do love the statement that the $30m was "not currently available" to the company. Presumably because its been turned into fairy coins and moved to the Bahamas.

 

[peter2]

Wow. Not only naive retail investors but one institutional investor will be concerned by this news. I'm surprised to see the Alex Waislitz group, Tiga Trading hold a 14% share of DUB. This holding is one of many substantial holdings by TEK.

 

[verce]

Thorney have had a run of bad luck lately! If anyone can bounce back though, it's probably Alex.

 

[divs4ever]

9 April 2024

Dismissal of Managing Director and New Appointment

Dubber Corporation Limited (ASX: DUB) (Company) announced on 1 March 2024 it had uncovered that Company funds, which were supposed to have been held by a third party trustee in a term deposit on behalf of the Company, may have been misused by either or both the Company’s Managing Director and CEO, Steve McGovern and the trustee.

The Company immediately commenced an investigation into the matter and suspended the employment of Mr McGovern pending the outcome of that investigation.

From the investigation conducted to date, it is alleged that Mr McGovern and the trustee were likely involved in the unauthorised use of those funds, including for purposes which were not for the Company’s benefit.

As a consequence, the Company has today terminated the employment of Mr McGovern with immediate effect.
Mr McGovern has also ceased to be a director of the Company.
The Company will undertake further investigations into the matter as part of its efforts to pursue recovery of the funds.

Executive Director, Peter Pawlowitsch, will remain in the role of Acting CEO until a permanent CEO commences in the role.

The terms of Mr Pawlowitsch’s appointment are set out in the annexure to this announcement.

Separately, the Company is pleased to announce an addition to its executive leadership team with the appointment of David Coventry to the role of Deputy CEO.

Mr Coventry boasts over 30 years’ experience in the Australian and global technology and telecommunications industries, having been a director, chairman or senior executive at several companies, including at Telstra and Optus.

Prior to this Mr Coventry was also a partner in a successful listed technology start up, Volante Group. He has completed the Australian Institute of Company Directors (AICD) and HP Executive Management program at INSEAD in France.

His appointment is for a fixed term of six months, with flexibility to extend that tenure by mutual agreement.

The Company is finalising the structure and terms of an equity capital raising to replenish its balance sheet, as first announced to ASX on 15 March 2024, and expects an announcement will be made in this regard later this week.

This announcement has been approved for release to ASX by the Board of Directors.

i do not hold this share

 

[Dona Ferentes]

I was trying to imagine the pitch .... but, no, is there one? Working lunch capital!! And only a 28 per cent discount mmm

that's nothing.

Today's capital raise includes a $3.1 million placement and a $20.9 million accelerated non-renounceable rights issue on a one-for-one basis.

The offer is priced at 5¢, an eye-watering 77.3 per cent discount to Dubber’s 22¢ last traded price.

..... usually the buddies get the lion's share and long suffering holders are treated badly. Hey, wait a minute; Nothing's changed

 

[divs4ever]

that's nothing.

Today's capital raise includes a $3.1 million placement and a $20.9 million accelerated non-renounceable rights issue on a one-for-one basis.

The offer is priced at 5¢, an eye-watering 77.3 per cent discount to Dubber’s 22¢ last traded price.

..... usually the buddies get the lion's share and long suffering holders are treated badly. Hey, wait a minute; Nothing's changed

wowee , that must be a big hole in the balance sheet

 

[Dona Ferentes]

dead rubber dub DUB .. no real bounce 5.5 to 7c range
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[growthgauge]

dead rubber dub DUB .. no real bounce 5.5 to 7c range
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View attachment 174988

Don't really understand who is buying this at 6c. This isn't business- let alone investible one.

 

[galumay]

Maybe people who bought at $2.50 hoping to average down?