Well after much deliberation I sold out today.
Not because I think the shares are over valued.
I sold out as I do not wish to invest in a company whereby the directors believe in any way that it is ok to sell 25-30% for pittance. In this case for $11.6m. That’s what they have essentially done by converting the RCPS and directors have benefited from the decision themselves and more than likely many of their mates.
I won’t be at their party this weekend.
They had till February 2018 to make this decision on the RCPS but it looks very much like greed got in the way.
To be honest it is nothing short of disgraceful unscrupulous greed and a clear reminder how many view the retail investor.(like fools)
Come Monday there are 500m more shares available to sell with the holders (including all the directors) being able to cash in 500 to 600% gains.
I really hope karma comes a knocking…..it usually does.
Best wishes to retail holders.
Unfortunately be prepared for well rehearsed BS at the AGM from the board over this matter.
BRL Price at posting:
13.0¢ Sentiment: Hold Disclosure: Not Held
