So when I came back responding to your post and giving you actual information about the company, all pretty negative and ask you for some positive information, and you failed to mention anything positive about the company. Just some waffle about spec stocks. What do you like about the ground. Still waiting on some positives you got any speicifics about why the ground is good?
Yes I know this end of the market all too well and learnt the hardway, which seems you are too seeing as you held this stock at double the price for two years.
Its data backed that around 98% of ASX companies end up worthless, and its not a straight path to being worthless, its years of story telling, putting their hands out for cash with capital raises, which allows management and directors to keep getting paid, and shareholders to get diluted into oblivion and lose any value they had holding the company. Then when the share price gets too low with too much dilution, they will do a name change and consolidation, raise again and do the whole story again for another 10 years.
Funny thing is usually people will point to managing directors and others in charge having "skin in the game" not realising that the shares they have were all given for free, or from performance rights, and their "skin in the game" will give them controlling interest in all votes, which includes remuneration that they can keep their position and keep choosing to pay themselves high salaries and stops anyone being able to hold them accountable. In GMNs case its even worse when you have a director selling from their private company to the public company, ie basically a legal way to take money from shareholders into his own bank account, happening right infront of your eyes.
GMN Price at posting:
0.3¢ Sentiment: Hold Disclosure: Not Held
(20min delay)