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kcheers

3,294 Posts.

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14/08/19

21:03

Post #: 39995392
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Originally posted by choco: ↑

Yes, Agree with your views on Darren Patterson, they were not a good look him and the shareholders. I looked at the Instagram account when I did a search on him and I was appalled that he was that silly to flaunt his lavish lifestyle of big spending on first class air travel , exotic international locations, bottles of expensive wine in swanky 5 star hotels, all that would be out of his reach on his directors salary of $200k. Ie The company ( yes you the shareholder! ) paid for it. It made my blood boil with fury and anger that my funds as a normal shareholder would be partially used to finance his excessive lifestyle. Good riddance mate....be gone and stay gone....cretin

As a person like myself who travels on a bus to work and my humble existence as a middle aged aspirational telco management employee, I can only dream about this lifestyle and I am appalled that a human being can spend so much in himself and deliver no goods or results to mum and dad shareholders. Some people have no shame when they rise to look at themselves in the mirror each morning.

This excessive and unaccountable spending should have been picked up by the previous directors who must have been charmed by his promises while oblivion to the excessive spending and lack of results for the company. They were lucky that they were saved at the end of last year by JGM, otherwise there would be no directors salary to draw upon as the company would be insolvent in 2019. Let this be a warning to shareholders to keep a vigilant watch on directors spending and social media clues on their behaviour. There is a lot to learn from a simple unassuming picture posted for ones ego.

What gets me is, there is no moral and ethics with a lot of these sharp talking serial entrepreneurial type of characters that swindle money from public companies to pay for their lavish lifestyles and then when the game is up they just move on unaccountable to shareholders to another start up company promising the world again to starry eyed naive investors. Yes anger stems from base of my spine, but I am here to promote awareness that being a bit vigilant can help you make a decision to stay in or to jump ship on many of these low market cap dreamer stocks.

Meanwhile shareholders are left poorer, dreams dashed, and hopes vanished. Its so wrong.....I mean the guy spent millions on what? A property app that does not work nor is ready to be commercialised. I can't activate it nor play around with it. There is no hope shareholders if the current directors keep investing money in this dud of an app idea and its time that costs are reigned in and a new direction is steered towards. Unless by some miracle one of big real estate on-line guys of a sudden fall in love with it then they are wasting time thinking that some big developer will use it. I think the current directors are much smarter now after being shaken up recently and only time will tell if they have awoken and seen the light.

Thats why I think, its time to forget the past of PCH ( well not for pre-2018 shareholders who are staring at a big paper loss ) and move on with optimism for the future. The company share price is at the lowest it will probably get to and represents opportunity for those brave and patient to have a go. I have identified three positives already that raise the green buy alarm
1. JGM property takes a big stake in the company. As stated before these experienced guys are no small property players and seem to have deep pockets to see projects out till the end.
2. All directors have increased their shareholders...good confidence in the future I see.
3. A sub holding by Mr Sufian Amhad....same main shareholder from Winmar resources....maybe a another punt on a low MC again and hope. Maybe not....these are very smart investors not gamblers with no idea. Everything is calculated ahead of masses.
4. Cost cutting to come? We will see soon in quarterly accounts.

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I enjoy reading your comments and value them, however you recently stated a company in California that you own on another stock. That looks to be a major corporation and be nice to own. But here you say
"As a person like myself who travels on a bus to work and my humble existence as a middle aged aspirational telco management employee, I can only dream about this lifestyle"

just confused and be great if you can clear that point.

PCH Price at posting: 0.3¢ Sentiment: None Disclosure: Not Held
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