No dead cat bounce here. It's only trading at 29c because they consolidated six shares into one so that is the equivalent of 4.8c per share pre-consolidation.
This is more of a dead cat smashed and pulverized into the ground situation. Yet I'm amazed that there exists any interest to pay anything for something that has negative net equity value.
This company has never successfully added any value to anything that they've done. They have simply transferred wealth from investors to the salaries of their staff and the over payment on bad investments. Management, each and every one of them, should hang their heads in shame.
The biggest regret I have here is not following my own gut instincts after meeting Peter Bond at the presentations for the move to the SGX in Sydney. He gave absolutely no valid reason for the move and looked disheveled with what seemed to be bird droppings on his suit jacket. I asked some tough questions on the open floor, he gave no logical answers for them, yet I still decided to watch my shares float on what I saw was a sinking ship.
The second biggest regret I have here is not ever figuring out how to short sell these shares when I decided to crystalise a massive loss of well over half a million dollars and get out at cca 60c. It was obvious to me that the share price wasn't worth anything near that and despite many calls I could never get hold of shares to short. Perhaps I should've called Bond himself given that he was letting his shares get shorted in the past. I could've earned my money back with what I knew was a sure thing (that the share price would keep on collapsing).
It is just as obvious to me now that this company will fold. I have followed this company and this forum for many years and am truly sorry for many people here who had good hope that their money was being spent wisely on promising technology. I have nothing but disgust for Peter Bond and the directors of this company.
LNC Price at posting:
99.5¢ Sentiment: Sell Disclosure: Not Held
