Dr Moriarty returned in July to the board he has repeatedly tried to roll but within weeks had bought $20,000 worth of shares in a closed period, without seeking approval from the chairman. 

 

The company's disciplinary action has been limited to sending the company founder a letter, but it says if he does this again it will look at further, unspecified action. 

 

The board only learned of Moriarty's trade several days after he made it, when he sent a letter to the chair and company secretary, on August 22. 

 

"Dr Moriarty did not comply with section 3.3 of the Trading Policy and the Company does not consider that Exceptional Circumstances existed with respect to the trade," the company told the ASX today. 

 

Moriarty apparently told 14D that he bought the stock to "demonstrate support for the company after his election to the board July 28". This is the first support he has shown in a while, given he has sent shareholders letters attacking management and urged them to replace it. 

 

The former Santos man and gold explorer was instrumental in developing the company, its technology and bringing it to market for a 2018 IPO on the ASX. However despite signing a string of deals it is yet to report any revenue or a serious, long term demonstration of its tech.

 

Moriarty wrote in an open letter in June, seen by Adelaide newspaper In Daily, that he wished to express  "concerns about the poor performance of the board and leadership over the 12 months since I retired from active management". 

 

"As the substantial shareholder and previous executive chairman of 1414 Degrees Ltd, I have been contacted by many shareholders who have been expressing dismay with the inept communication of our progress and prospects," he wrote.

 

"I have tried to reassure these shareholders, pointing out to them that the company is very much on track to deliver on their investment.

 

"This must be fixed and I am prepared to step onto a renewed board to lead the communications strategy and choice of new CEO to restore market and shareholder confidence."

 

 

"The Board is satisfied in this instance it was an oversight on Dr Moriarty's behalf as explained to the Board by Dr Moriarty. As an immediate and ongoing action, the Board will be reminded of closed periods within future Board papers," 14D said today. 

 

At an extraordinary general meeting the Adelaide headquartered 1414 Degrees at the end of July it saw motions to remove three directors and add Ian Ross to the board shot down, but by the slimmest margin of less than 1%. 

 

At the beginning of June the company said it had received a notice under the relevant section of the Corporations Act -- 249D -- lodged by an entity controlled by Moriarty to call a shareholder meeting to boot Dana Larson,  Peter Gan and Tony Sacre, to be replaced by himself and Ross. 

 

He was successfully reinstalled. 

 

Moriarty attempted the same less than a year ago and was not successful. On July 16 last year he called a meeting to remove directors and re-install himself as chief. Three days later he resigned from the board and the meeting was cancelled. 

 

In 2020 he conducted a review of the company's flagship tech, silicon that can heat to over 1414 degrees centigrade to store waste heat and later release it as energy, finding it seriously underperformed. 

 

Chairman Tony Sacre, who referenced his dead father in his July EGM speech, said many shareholders had "previously been sold unrealistic expectations about the business, which is a shame". 

 

"Sadly, some still believe what they were told, notwithstanding it has been clearly shown to be wrong. For the most part, however, shareholders of 1414 Degrees have invested in a good company with an admirable cause, and they should expect and demand good governance and stewardship over their investment."

 

He said his fellow directors resolved the issues caused by Moriarty and who was now the one criticising them and leading the charge to remove them. 

 

"Heavens knows that after the period from the floating of 1414 Degrees to June 2021, where the share price under the former Executive Chair fell from 35c to 12c, you have deserved it," he said of the deals. 

 

Shares are down (but not yet off a waterfall) by 4% to 9.4c each giving the company, which listed in 2018 at a price of of 30c, a market cap of just $19.7 million.