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ADO - AnteoTech Limited

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sw3

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I've done a search but to no avail...

This has gone bananas in the last 24 hours with an increase yesterday of 170% after signing its first contract.

Anyone else tracking it?

Closed yesterday: 1.9 cps
Opened today: 2.9 cps
Currently: 6.0 cps

Cheerio,
sw3
 
Last trade 6.9 cps and has been upto 7.5 cps.

Good pump and dump but Q1 results out soon with expected profit. It will be interesting to see where this goes tomorrow and next week.

ADO have managed to sign a non-exclusive contract with Bang which is believed to lay the foundation for further signings with out companies.

Any comment would be appreciated.

Cheerio,
sw3
 
Would also like to know about this stock. Are they going continue there up trend? What was the actual cause of such rapid rises?
 
Looked at this one last night, and got in this morning at 3.1c. At one stage today, the SP had appreciated 515%. It finished 352.6% up ... incredible.

I reviewed the AGM presentation and yesterday's announcement, and was attracted by the following:

$10 billion+ pa target market (pathology suppliers, bead manufacturers, research organisations, point of care).

Product with numerous competitive advantages:

President of Bangs Laboratories, Inc., Mr Chad Owen, said, “I have been in this business for more than 13 years now and regularly encounter interesting new technologies. The Anteo Mix&Go technology is one of the most exciting innovations I have seen in all of that time.”​

Product is ready for sale, with no further development work needed.

Engaged in advanced discussions with major market participants across all segments.

Anteo CEO, Dr Geoff Cumming, said: "Before any new process is introduced in the production of new healthcare products rigorous and lengthy testing must be undertaken. Several other major market participants are nearing the end of their internal testing requirements for the application of Mix&GoTM. It is our expectation that more licences will be granted in the near future as additional companies confirm the technical, cost and manufacturing benefits that accrue from our product.”​

The announcement further suggests that revenues will start soon:

First revenues from the agreement are expected to be received in the first quarter of 2010.​

While no numbers are given in yesterday's announcement, in their recent AGM presentation they indicate potential annuity royalty revenues of $140m-390m (5 year horizon).

These fundamentals appeared quite attractive to me for a company with only a ~$10m market cap (when I bought in).

Obviously, it's a speculative stock though - please do your own research and make decisions based on your own risk tolerance.
 
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Long time no comment?
The chart looks to me like a breakout in the making, following several weeks of Accumulation in the low-to-mid 5's.
vwap rising, could play out as a Cup & Handle pattern. I'm on - speccie rules.

ADO pm 01-10-13.gif
 
From a quick glance at the 3 year chart, it appears that it is in a downtrend.
A short term up move may develop and you could consider taking a lower risk punt from 6c to 7c but then it would likely retract from resistance before making it's next move.

Better technical options out there at the moment.
 
mr. jeff said:
From a quick glance at the 3 year chart, it appears that it is in a downtrend.
A short term up move may develop and you could consider taking a lower risk punt from 6c to 7c but then it would likely retract from resistance before making it's next move.

Better technical options out there at the moment.
Click to expand...

I agree about the long-term trend being down;

ADO w 02-10-13.gif

But the Daily suggests some accumulation going on recently, which has the potential to crack the current resistance. The way I read it, if 6.5c breaks, targets are 6.9 and 7.4c - not a bad profit from my current average cost base of 6.2c. Stop at 6.1c gives me a reasonable RRR. If 6.5 holds this week, I'll apply a time stop as well.

ADO n 02-10-13.gif
 
One that I identified a couple of weeks back.
Consolidated at the previous high of 7.4c and then aggressively broke through. The setup I had in my watchlist is posted on the chart.

Today was a big reversal though. Reached a high of 10.5c before turning back.

Interested to see how this plays out the rest of the week.

ADO.png
 
Interesting to read the above posts.
Anyone following ADO and the progress of the story?

It would appear that revenues have been 'very close' for the last 3 years...I wonder how far off they are now. The company seemed pretty upbeat in their 2010 commentary, and no significant revenue has arrived since then, however they have progressed some deals...

Haven't really put much effort into this stock, but I like to keep a few of these on a watchlist so that I can hopefully learn something new while the story unfolds.
 
Surely there'd be a few tech anal. people following this one??

Second breakout underway and looks to be heading to 30c+ very soon....
 
Anteo Diagnostics - The need for good governance

Anteo technologies has just released a correction to their Annual report,which had various inconsistencies and omissions.
Two of them being, not notifying the director Rolf Sickman and the ceo Jef Vangenetchen share holdings in the company.
Considering these 2 men are specific creditors to the Anteo company to the tune of approx 18 million aud, and that these men were given ADO shares in lieu of some interest payable to them, you would have thought this information would be critical to Good Governance.

Now, to add insult to injury, Anteo release a dubious Corporate Governance 4G statement to the market.
In the section under Principle 7 Recognise and manage Risk (page 18), Anteo admits that " The Company has not fully adopted the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (3rd edition) insofar as they relate to the composition and membership of an audit committee. "
And they explain the structure of their Audit committee here https://anteodx.com/wp-content/uploads/2015/09/Audit-Risk-Committee-24082015.pdf.

Here is Principle 4 from ASX guidelines and principles. http://www.asx.com.au/documents/asx-compliance/cgc-principles-and-recommendations-3rd-edn.pdf


Principle 4 - Safeguard integrity in financial reporting Companies should have a structure to independently verify and safeguard the integrity of their financial reporting. • Recommendation 4.1: The board should establish an audit committee. • Recommendation 4.2: The audit committee should be structured so that it: • consists only of non-executive directors • consists of a majority of independent directors • is chaired by an independent chair, who is not chair of the board • has at least three members. • Recommendation 4.3: The audit committee should have a formal charter. • Recommendation 4.4: Companies should provide the information indicated in the Guide to reporting on Principle 4.

Anteo explain - " Company has determined that the above membership structure is adequate to verify and safeguard the integrity of the Company’s financial reporting and to carry out this Charter given the qualifications, experience and financial acumen of the current members."

So instead of having at least 3 members in the audit committee, and the Chair being a independent non executive director, we have only 2 members, Ms Sam Anderson and Mr Richard Martin .
Now, Ms Anderson who in this notice, http://www.asx.com.au/asxpdf/20160825/pdf/439mv8drbslm36.pdf announced her departure from the board and her position as chief of the audit committee and the other, Mr Richard Martin, who is on the board of the major share holder First Cape management and anything but independent, was designated Chief of the Audit committee in the Annual report.
So now, we have only 1 member of the Audit committee and who is a director on the board of the major shareholder,as well as former chief Financial officer and executive director of the Board Of Anteo technologies.

How, can this be explained as good governance, especially when Anteo under Richard Martin as CFO made numerous errors in the released financials and numerous corrections have had to be made.

Here is what ASX say in their commentary

"Commentary While ultimate responsibility for a listed entity’s financial statements rests with the full board, having a separate audit committee can be an efficient and effective mechanism to bring the transparency, focus and independent judgement needed to oversee the corporate reporting process."


You have a fox looking after the hen house, if you ask for my opinion.:banghead:
 
Re: Anteo Diagnostics - The need for good governance

swami2 said:
You have a fox looking after the hen house, if you ask for my opinion.:banghead:
Click to expand...

Furthermore, the ASX should be giving management a rap over the knuckles for their poor governance reporting and disclosure.
It seemed a obvious grey area having the largest shareholder, a Chief Financial Officer of a company in large debt, and Richard Martin was probably pushed from his position.
But having him, as the Chief and sole member of the Audit and risk committee is equally outlandish imo.
 
Re: Anteo Diagnostics - The need for good governance

swami2 said:
Furthermore, the ASX should be giving management a rap over the knuckles for their poor governance reporting and disclosure.
It seemed a obvious grey area having the largest shareholder, a Chief Financial Officer of a company in large debt, and Richard Martin was probably pushed from his position.
But having him, as the Chief and sole member of the Audit and risk committee is equally outlandish imo.
Click to expand...


http://asic.gov.au/regulatory-resou...y-the-role-of-directors-and-audit-committees/
"To facilitate the audit process, directors and audit committees may consider the following matters."

"Is there appropriate accountability and incentives for company management and staff to focus on the quality of financial reporting, timely reporting and facilitation of the audit process?

Has company management facilitated the audit by providing all information and explanations that may be relevant to the financial report and audit, and done so in a timely manner?

Do company management and staff have a positive and helpful approach to the audit process?
"
Now, I ask you, should a person with the largest shareholding in a company that is at risk of being a going concern and in considerable debt, be responsible for proper financial reporting??

I don't think so.
 
Re: Anteo Diagnostics - The need for good governance

Nearly 4 weeks after the release of a incorrect Annual report, Anteo Technologies releases a updated governance statement. Under Listing Rule 4.7.3, an entity must lodge with ASX a completed Appendix 4G at the same time as it lodges its annual report with ASX.

Their last 4G was incorrect, misleading, and way out of date.
their latest one gives more clarification and up dated.however,
It has still failed to update its Governance statement on it's website.
Here is the link.
https://anteodx.com/first/investor-centre/corporate-governance-and-company-policies/
Now, if you click on the Audit and risk committee section, you will see that it still contains the information from 2015 https://anteodx.com/wp-content/uploads/2015/09/Audit-Risk-Committee-24082015.pdf
Could these guys run a chook raffle!?
 
Re: ADO - Anteo and Ellume

Anteo release an announcement that they have signed a 'long term supply agreement with minimum annual requirements" with a small start up company in Brisbane called Ellume.
Now, Anteo have released many such agreements in the past and they have come to nothing, so , let's get this in perspective, why would this be any different!
Ellume is trialling point of care tests for influenza, and hope to develop tests later for strep throat and Chlamydia.
Now Rapid influenza diagnostic tests (RIDTs) are notoriously unreliable and are only normally used in hospitals where a patient is feared to have contracted Flu whilst in hospital and in the initial outbreaks of Influenza.
There are already over 10 RIDTS on the market and approved by the FDA.
However, doctors rarely use them. Why, because, apart from their cost of approx $20 they are pretty much superflous unless taken within 48 hours of patient having the symptons when medication can be effective and even then, they have a high rate of false negatives.
So in reality, even if Ellume get this product to market, they wont sell more than 20,000 tests a year, top.

The reality is Anteo, will probably lose money on it, rather than gain any revenues.

It certainly wont save them from the grim reaper of their spiralling debt!

More Research
http://www.fda.gov/MedicalDevices/S...s/TipsandArticlesonDeviceSafety/ucm109432.htm
http://www.news-medical.net/news/20...resent-significant-risk-to-public-health.aspx
http://scienceblogs.com/effectmeasure/2009/11/19/the-rapid-flu-test-and-coin-fl/
 
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