What do you reckon Miles Kennedy makes of the current share price?
I remember not that long ago, in early 2020 him urging shareholders to participate in a 11c capital raise that was later withdrawn (equivalent to 55c today).
'I urge you as fellow shareholders to support the recent 1-14 rights issue undertaken by the Company' (2019 Annual Report, page 2).
Quite incredible. Other than Ross Stanley who provided very meaningful support while a Director of LOM, the on-market support from our Directors has been non-existent. Our lot have been on the teat for long enough without supporting the Company's share price, in my opinion. The investment values of shareholders have been absolutely trashed - including those, for whatever reason, who continue to sell now.
I understand that there are limitations on when Directors can buy or sell shares, but that excuse is wearing thin. Taking part of their remuneration (or bonuses) in shares would be one way. Can anyone remember the last time we saw any moves on-market from our Directors? I can't. I am a small long-term shareholder who continues to buy shares each month out of the (possibly deluded) belief that we are seriously undervalued. What are they doing?
Am I wrong for thinking on-market support from Directors would help?
LOM Price at posting:
4.6¢ Sentiment: None Disclosure: Held
