Got to hand it to him, the guy is a pro. Works an extra five...

Got to hand it to him, the guy is a pro. Works an extra five days and retires on July 5 so he can dump an extra $30k into super at the 15% concessional rate for FY 24/25? Not his first rodeo.

I feel for investors who put money in on the way up. The poster who had to mortgage his house on a T+2 margin call stands out, as does another who apparently put 6 figures of their SMSF in above 50c.

That infamous announcement from 17/10/22 is as close as it gets to a company explicitly telling shareholders that a project is cooked. Show me the incentive and I will show you the outcome as one of the greats once said. Management without their own money on the line are heavily incentivized to keep kicking the can down the road and maximize their personal returns for as long as possible. Their interests are not aligned with shareholders.

The chairman has gone, the MD is going, the CFO has gone (and the rent a CFO replacement has gone), the company secretary has gone, the GM is gone and the finance lead is long gone. I would want to see a pretty convincing business plan before tipping even loose change in to this omnishambles.

(Disclosure, I previously held, but was fortunate enough to sell some of my free carry after speaking to Bryan regarding the opaque details of the LDA fiasco where the company punted $2m in cash and $2m in shareholder equity down the toilet to raise what? About $6m I think it was, and trashed the SP in the process.) It is beyond my comprehension how these ATM agreements are legal or why exactly the company paid $4m (+worthless options) for an arrangement that was impossible for LDA to lose on, but we'll leave that for another day.