This has been a complete disaster. What they did wrong was offer shares to existing shareholders despite an oversubscribed offer to 'more sophisticated' investors . That opened it up to shorters who I believe are the lowest of the low but do well out of inept companies like this. Despite this I hope the shorters get burnt badly. Given this experience few companies will be prepared to underwrite issues and existing shareholders will face continual dilution of their assets . I never thought Australians were that easily manipulated or thick. I'm not selling my shares in fact I'm considering buying at these levels on the market for around $3. My broker's Morningstar valuation recommendation of $5 is either totally wrong or I will be out of money but to thwart a shorter will give me so much pleasure!
IFL Price at posting:
$3.10 Sentiment: Hold Disclosure: Held
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