Back in 2007 , when my mother passed away, I inherited a small sum of money, rather than piss it up against the wall, I decided to invest it until i had a better idea what to do with it. My ex GF at the time was friends with a group of sophisticated investors who convinced me I should buy shares in Golden west Resources, Which I did. Along comes FAS and tries to do a take over with a 7 for 1 script offer, I was assured by my Investor friends that Kevin knew what he was doing, and that there was big plans in the pipeline. After a call from Kevin, I accepted the offer and then everything turned to crap. With bungled loans at loan shark prices, constant 3B's and not one but 3 deals that fell through and my investment became worthless. Did I go into it without doing my homework? yes, i put trust in people I probably shouldn't have. I'll cop that on the chin. But saying I should diversify is like closing the stable door after the horse has bolted, there is no more money in the kitty. It was a once off deal that went sour.
I have since learned a lot more about the share market and would not make the same mistakes again. I'm not sure how long you've held shares in FAS, but if you have been here for the long haul, you too would be whinging about the lack of professionalism shown by the current management. The last General meeting they held, several years back now, Kevin wouldn't even show his face.
I was Prepared to sell my shares many years ago and take a 60% loss, But Keven informed us there was a deal in the pipeline that was imminent. so I stayed on board... that went south and then there was an irrevocable deal that was announced.... also that went south and along with it, my last chance to retain some of my funds.
Perhaps with better knowledge of what you're dealing with with FAS management, you might understand better the lack of faith that shareholders have in this management. To be honest, I doubt Kevin could organise a piss up in a brewery, let alone make FAS a going concern again.
Regards
Incognito
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