"Were any industry super funds burnt by this?"Probably.The...

"Were any industry super funds burnt by this?"

Probably.

The recent  substantial holder notices disclosed the following.

Perpetual 13.8%

BT management 10.3%

Pendal 9.1%

Allan Gray 7.8%

Then there would be others with holdings under 5%.

The Full Year report doesn't seem to have the usual list of the top 20 holders, evidently they were too busy to assemble that.

I have 0.026% of RCR some of which I bought when they were floated in the early 1990s.

Retail holders are not the only ones who have been taken for a ride in this one, misery loves company, though that is not much consolation..

It goes back to the decline that started in May.

Since that time, the only thing that has been disclosed is a problem in one project and that was supposedly plugged by the capital raising.

It appears that the board "knew nothing", but clearly somebody knew something.

At the very least somebody had to have been trading with inside information to produce the sustained price decline that started in May.

The market was much better informed by the price action than it ever was by the board.

Unfortunately I was too stupid to take in what the market was telling me.

I kept saying to myself that there had been no disclosures from the company.

Evidently I wasn't the only one in that category,  but I am still gutted by this.

Cheers