TMT - its a numbers game., page-12

I think you missed the point - TMT has also only been listed for ~2.5 years so that's also a bad comparison. He's saying what's the difference between how TMT was set up vs how 100 spec companies are setup. And what's the difference between this and something like TNG going bust - zip. That's the risk you take on in spec-ville, you can lose it all in a blink. Whilst the share prices stagnate I'd rather a MD that gets paid $180k vs $700k. I used to hold TNG to but got out after they gave 100 million shares to Vimson at a discount & with no explanation as to why they went down that path - without any further information that seems more dodgy to me than anything you've written here.