I tried my best to warn everyone here and laid out exactly why I took some loss and bailed out at 0.097 cents. Although I made money from MOY from (2015-2018 period) but at the end gave back good half of the money I made.
The last few months it was quite clear the company would never make money, Peter Cash leaving after everything was done.....company taking more and more loan. It just wasn't going to work.
A lesson to learn for everyone involved. We all make mistakes and I have made plenty to lose a lot of money. Perhaps because I had made so many mistakes prior, I got well alarmed on this one. I still regret couldn't get out at 12-12.5c, instead I bought more as if it was going back to 20c after visiting 6c.
If I was holding a small parcel, I wouldn't have bothered and lose it all, but I was holding a bundle and couldn't risk it all.
While it was painful to take $45-50K loss at that time, it would have been very detrimental if I didn't get out with what could be salvaged.
The first high frequency alarm was the cap raise in February and the share price dropping below the cap raise price straightaway.
The second one was signing of the $20 million IMC loan.
Third one was Peter Cash leaving quietly. ( He knew the company won't survive)
I also got out and made it public.
Fourth & Final was another $7.5 million loan from IMC.
Sometimes it just doesn't work no matter what.
People must be careful with companies where Greg Bittar and Peter Cash are involved . It's astonishing what Peter Cash used to say (making of a 500 million dollar company etc etc.) When I met Greg Bittar & Peter Cash in Sydney(Just before the cap raise), I could feel the desperation in them, but Peter Cash was so convincing, I thought these guys will make it work and held on. At that time 20 cents would have been a good price to bail out and I would have got out with good money.
We all like to believe something good will happen when it's clearly not happening at all.
877 Posts.
219
Date:
29/10/19
Time:
11:38:29
Post #: 41118844
This looks more and more like BLK & GCY.
Peter Cash & Greg Bittar have destroyed the company.
MOY's survival is a big question.
My views are playing out here.
So after those post, loan extension has already happened. Now there will be debt repayment deferral and re-negotiation for the foreseeable future. I still get frustrated not bailing out at 12-12.5c. But the 9's were better than 5's. How long will IMC keep on funding, there is an old saying throwing good money after bad comes to mind. MOY is in a very difficult situation. It can't produce enough gold. Cost is too high, grades are low. On top can't even sell their gold at spot price.(Most of the production goes to hedge delivery at AUD $1750)
Although it is always very difficult to do.......... but if I was still holding.......... I would take the 5's and run. Some money is a lot better than no money. I think many people are slowly realising and doing just that.
Greg & Peter the Dream Boyz have cooked it. Ray Parry....he is another rare find. Joke.
7
Great analysis 3 Report PostQuick replyReply with quote MOY (ASX) Price at posting: 5.6¢ Sentiment: None Disclosure: Not Held
MOY Price at posting:
5.1¢ Sentiment: None Disclosure: Not Held
