UNS - Unilife Corporation

[skyQuake]

129% is that all you can give me in a day? Come on!
Nothing like a tie up contract with a US company on the table.

200% now thats more like it!

Can't wait to see UNIS US tonight

 

[Sean K]

Lost another lazy $25m last q. What's the market cap? Must be one of the most leaky corporations in history.

Only a matter of time before yet another capital raising to keep the generous rem packages rolling on. Are they actually selling anything? They say $4.5m revenue but is it actual real sales to health companies using the devises on real patients? Or, is it for trials, or what?

And, anyone know what the story is with the plan to sell the company? Who would buy something that has no real revenue losing $25m a quarter. A property developer perhaps?

 

[skc]

You often see companies hiding bad news in an announcement with innocent headings... but this is taking it a bit too far.

Announcement title: Conference Call Delay (marked non-sensitive by ASX)
Details: delay due to

due to the discovery by the Company’s current management team of violations of Company policies and procedures and possible violations of law and regulation by the Company’s former Chief Executive Officer and by the former Chairman of the Company’s Board of Directors who resigned in 2015.

The Company is investigating these matters and their potential impact on financial reporting and internal controls over financial reporting, related to previously-issued financial statements, current interim financial information, and management’s certifications. The investigation has just commenced due to the recent discovery by current management but has not to date discovered any financial loss to the Company.

Or in fewer words...
The company officers may have lied through their teeth in the past. But no this is not price sensitive!

 

[Sean K]

You could see this was a management Ponzi Scheme from long ago.

I have no doubt the great bald man will reappear in front of another dodgy idea again in the next year or so.

This is the third company he's started, milked, and destroyed.

I hope you got out pacestick.

Good Forbes warning back in 2013:

http://www.forbes.com/sites/abrambr...ill-unprofitable-after-11-years/#3ee1cb3d61b8

But, I was warning about this guy much earlier.

 

[prawn_86]

But, I was warning about this guy much earlier.

Yep, amazing how the market and investors can go so long being blinded by hype and 'potential'

 

[Sean K]

Oh dear, what a disaster. How did the bald man ever get a license to drive anything? He should be in jail.

http://www.publicnow.com/view/4503420DB9061E4DCFF713728EAA695F4848CC98

 

[Sean K]

The new UNS leadership seem to think they can resurrect this company, but how? What are they actually selling?

All the income to date has been from trials and cash raising.

Last years total revenue: $14.8m
Last years expenses: $101m
Current assets: $87m
Current liability: $174m

Losing $80m a year, and $90m in debt.


And, how the hell did the bald man get a pay out after being investigated for fraud and sacked?

SG&A expense in fiscal year 2016 includes approximately $5.8 million of severance-related expense, of which approximately $3.6 million was share-based compensation, related to the departure of the Company's former Chief Executive Officer and former Chief Operating Officer, and $5.0 million of cost related to the strategic review process.

Incredible.

 

[skc]

UNS' latest announcement should be the end of this saga you'd think... you have to give it to the previous management for holding up a charade for 7 years. You have also got to shake your head about how blind some market participants truely are.

 

[Sean K]

What was incredible about this ordeal was the financiers and analysts who backed them for so long. It was heading to chapter 11 from the outset. Surely criminal charges against previous management for leading the market astray, etc.

This is the third company the bald man has led to failure. If he starts another one, have your shorts ready!

 

[Sean K]

Anyone else followed this disaster?

Would have been nice to short UNS a while ago.

What’s the latest?