I've held RRS since 2006. A bottom drawer dweller in my...

I've held RRS since 2006. A bottom drawer dweller in my portfolio. I don't even bother looking at the price anymore. Figure if it moves, it would be mentioned in the DT forum where I usually am. Decided today to research and see where we are at.

1. In 2007 when the share price hit the dizzy heights of $1, the market cap was $200million.

2. Today the market cap is $120million, so 60% of our high, yet the share price is 4.9c, i.e. 4.9% of the high.

Where have all these extra shares come from and who was awarded them at the expense of share holders. I do not recall being involved in enough capital raisings in RRS to dilute my holding by 91.83%. Yes that is right, the share holders have been diluted by 91.83%.

The maths -
2007 - MC $200million
2012 - MC $120million (i.e. 60%).
Assuming no extra shares were issued, today's price should be 60c, i.e. 60% from its high. However with all the shares issued it is 4.9c

Therefore 4.9c divided by 60 = 8.17%
Therefore shareholders have lost 91.83% of their shares value (100% - 8.17%)

Yet the directors are paid massive 6 figure salaries to run this company. A whole world of good they've done the shareholders. Heartbreaking really. Wish I hadn't researched this stock again and just kept ignoring it in my drawer, it's just depressed me.