Hi @ekismal. You mention a "radical change of direction" ... Well it was not so radical. What was radical was the initial direction we took. GEM went down the cutting route early on, but dropped it going down the auction route as the best way.
Why MUS didn't learn from this I don't know. Also, they did arrange for an advisory panel to investigate their options and report on what path the company should take. This panel along with the feedback from potential customers was clear... Cutting rubies and selling to jewellers was not the direction to take.
So, a hard decision had to be made. It was clearly the correct and only decision to make. It also energised the company to focus on the new, seemingly richer, lease. Vital, because changing to the auction route would mean that we would need a much bigger inventory. So while it was clear that this was the way to go, the market had set its sights on "iminant" sales, and so was hugely disappointed, pummeling the SP. CJ was castigated for his handling of it, but in retrospect, there was probably no way of coming out of this squeaky clean. The SP was always going to be hit badly.
Get a successful auction behind us, and that will be all just ancient history though.
MUS Price at posting:
8.7¢ Sentiment: Buy Disclosure: Held
