Now the dust has settled on the salt flat and long term holders have had the time to reflect, may I reiterate what for me is the main learning. From day one as an investor in LPI (7 years ago) this was a lifestyle business for David Hannon. All the promises cost him nothing, while our capital underwrote his Noosa beachside life. His co directors milked us for all we were worth. No downside for them, always dangling the carrot of an upsid4 for us. I won't be investing in such a small cap with spin merchants at the helm again.
I should have recognised the signals earlier... David charging the company rent for the office space he owns, Andrew Phillips picking up the tab for the pissy steak lunches at the Intercontinental regular lunches. For us it was a long term investment with good prospects, for them it is a weekly paid expense account. The music has stopped and investors are worse off. I wonder where they will pop up next? Be wary.
LPI Price at posting:
54.5¢ Sentiment: Sell Disclosure: Not Held
