Exactly. But think about how long it has been since the IBA/ISF share price first hit 70cps+? Actually, I remember it being just prior to their aborted takeover for HCN. I held HCN at the time and became interested in who these profitless upstarts were...
Yep, just took a look through Yahoo Finance historical prices and it hit 90cps back in Oct 2004. Then they raised capital... and so it went...
Nearly 5 years later and there are holders who might still not be in profit, despite a 4.5x increase in market cap and a 23x increase in revenue (and quite probably, a significant increase in directors and management compensation).
So yes, it is possible to grow a business without actually benefiting shareholders.
ISF Price at posting:
86.0¢ Sentiment: LT Buy Disclosure: Held
