If the ASX doesn't delist it soon the price will go down so much I might purchase the entire company outright for laughs, my friend has a '97 Toyota Camry in his back yard I could trade for it. I'll check the ashtray for loose change first, I don't want a bad deal.
I've literally seen cars sell for more than what ME1's market cap will be by the end of this month.
I first saw this company when a friend bought some shares and asked me to take a look to see if it was any good. Five minutes later I said I'd be dropping them like hot potatoes; fortunately he didn't hold for much longer and only took a small loss. Calculating for the consolidations (two in one year! Wow) the share price was over $500 at the time, now not even a couple of cents. It's funny to think of how many angry ME1 shareholders (mostly back when it was CPH) abused me over the years or accused me of downramping to buy in cheaply, or accused me of being Fraser (hey, he's a great guy, I'll take it as a compliment), or various other ridiculous things. There were also two or three who thanked me and benefitted. The only thing I ever got wrong about this company is how long they would last - I really didn't think they'd be this good at duping investors out of money for this long, or evading the regulations. They've certainly made a lot of money but I think it's going to catch up with them and give them a nasty bite.
With such a severely bad drop today and some seriously bad picture, it came up in a couple of podcasts which I found funny.
Soon to have a market cap not even enough to pay off half a typical Sydney home loan, this can't be around for much longer, it's an embarrassment to the ASX even if it somehow technically counts as legal.
This company has provided some interesting examples of people demonstrating the 'it's easier to fool someone than convince them they've been fooled' phenomenon; no matter how obvious it gets, some holders remain optimistic and faithful to the directors.
ME1 Price at posting:
1.7¢ Sentiment: Sell Disclosure: Not Held
