Yes I agree its clear the market is not buying what IXR is selling given we are trading multi year lows.
I think something being overlooked by a lot here is remuneration:
View attachment 6337638Of this cash strapped company you have approx $2 mill a year going to just management and directors salaries. Most of the money raised in this last raise of $5.5 mill at 1.3c will just be going to keep them all getting their salaries. Starting to look a little like lifestyle company, especially some of these eye watering salaries. What have they done for shareholders to achieve these salaries, if they actually cared about shareholder value, surely they could reduce salaries.
Ive learnt the game the hard way too. Its data backed that around 98% of ASX companies end up worthless, and its not a straight path to being worthless, its years of story telling, putting their hands out for cash with capital raises, which allows management and directors to keep getting paid, and shareholders to get diluted into oblivion and lose any value they had holding the company. Then when the share price gets too low with too much dilution, they will do a name change and consolidation, raise again and do the whole story again for another 10 years.
Funny thing is usually people will point to managing directors and others in charge having "skin in the game" not realising that the shares they have were all given for free, or from performance rights, and their "skin in the game" will give them controlling interest in all votes, which includes remuneration that they can keep their position and keep choosing to pay themselves high salaries and stops anyone being able to hold them accountable.
If there was a danger that they could lose their salaries Im sure we would be getting a lot more progress and actual work announced, but the reality is they can do sweet F all, and keep getting the $100s of thousands in salaries, company trips and hotels paid for by shareholders, dont achieve a thing, and do the whole story again when they run out of money, with no risk of losing their "jobs."
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