"Even the Directors participated". Directors did participate but look at the paltry amounts....James Barrie for instance newly parachuted in as Director from Secretary (how's that for looking after mates?) purchased $3763 worth including his 'underwriting commitment' (I use that term loosely-it's surely taking the piss) of $1500. That's a tiny fraction of his director fee. It's not a vote of confidence at all, quite the opposite I think.
This is the lowest share price in the 10 years of records I can access. De Marco as Chairman has presided over a Board that has done nothing to deliver value to shareholders over his tenure- it's destroyed it. BOA has decent dirt but the guys running it arguably have no ability in advancing those tenements if history is anything to go by. De Marco standing down can't be a bad thing- new blood and a clean-out are long overdue.
Disc:- I have a decent holding here (unfortunately) and did not participate in the CR. I wrote a long email to the MD outlining where I thought changes needed to be made & indicated I would not participate in the CR unless the BoD purchased an aggregate $300K worth of shares between them. Don't think they made it to $50K. to his credit he did call me. Could be so much better I think under the right team.
BOA Price at posting:
4.5¢ Sentiment: None Disclosure: Held
