This forum, this confirmation that I am not alone, gives me great comfort.
I am a 72 year old man, no longer working, and with a wife who has some serious health issues. I once had 500,000 shares in Flinders. As the price continued to fall from 30 cents to rock bottom, I continued to buy, averaging down my price, in the hope of one day deriving a moderate retirement income from dividends. I was duped into selling my shares back to the company when the price was (from memory) 0.008 because I believed what I read from the directors. So I got back $4,000 for an investment built up over a period of time at a cost of more than $50,000.
Less than 12 months after selling at 0.008 - AT THE RECOMMENDATION OF THE COMPANY - the price had risen by a factor of 10 to 0.08. My 500,000 shares would then have been worth $40,000. If I had waited and sold them then, my loss would have been only about $10,000 - but they were already gone! The company paid me $4,000 for shares which then rose to $40,000 in value - IN LESS THAN 12 MONTHS! I believe I was lied to. I surrendered my interest in the company because I TRUSTED what I was told by whoever was controlling the company at that time; because I BELIEVED they were acting in my interest.
Earlier this year the price rose briefly to 11.5 cents. At that price I could have recovered the significant portion of my life savings that I had invested, and even made a small profit - but, along with the money, the shares were gone.
I retained only a very small parcel - which since the announcement of the de-listing is now a "non-marketable parcel". Do I trust them a second time? Or, having already lost almost everything, do I go for the ride and remain a thorn in their side, just to see what happens, because I have so little left to lose?
Comment, anyone?
