It is all hindsight now, but it looks to me like Nufarm scammed...

It is all hindsight now, but it looks to me like Nufarm scammed us. They knew from the start that glyphosate pricing was doomed and that it was going to take down the main part of their business. All of these press releases and capital raisings were nothing more than Nufarm's attempt to milk their dying franchise for every last penny they could get out of it, before the market realized how bad that situation was. Their feeble claim that their information systems were inadequate is just hogwash. That is just their attempt to stall the market. Had their information system been up to the task they would never have raised capital they badly needed.

It didn't take a good information system for Doug Rathbone to know when to cash out. While recommending that investors spend money on capital raisings, Rathbone was rapidly selling his shares. 1.75M were sold in Spring 2009. More later. He fully participated in the sale of 20% of shares to Sumitomo, but he "declined" to participate at all in the subsequent capital raising.

When a great manager dumps a large part of his holdings and refuses to participate in capital raisings, I guess that should tell us everything we need to know. Second lesson learned.