Two announcements today of more fund raising by listing more securities. A total of 57m new shares I think.
By comparison, when AB took over management in early 2012 the total number of shares on issue were 63m (62,789,100) and when he left in late 2014, having saved the company, acquired its first mining licence, turned around years of share price decline, purchased its own freehold premises to support planned acquisitions, and raised record investments of over $13m, the total number of shares were 80m (80,413,417). A piddling 25% dilution to all shareholders for such a huge result.
Today the number of shares is more than 1.5 billion!
The current share price is about a twentieth of back then.
The current market cap is a fraction of back then.
To me this shows a 10-year management style of simply propping up the company as it uses up the investment funds by asking for more investment funds. A necessity when nothing operational is producing commercial results.
It still blows my mind that some shareholders were suckered (that's my feel for it) into removing that management for a 5 cent payback.
GCM Price at posting:
0.3¢ Sentiment: Sell Disclosure: Not Held
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