Going back through the years, many (including yours truly) have been taken in by the hype from the CEO. Always there has been the hope among punters that he will deliver. Spark, yes. Anything else, no, and not even an apology for misleading the market on multiple occasions.
Among those who trusted him were the Caseys, the Hollingsworths, Yogi, Apsec, SG Hiscock, Debelak and Tarrant. Some are out at a profit, some at a loss, but a few are still heavily invested.
In most cases we are talking about people using their own money, but Apsec has used funds from Mum and Dad investors while knowing that the whole Norwood edifice was always going to crumble. And they charge a 2% management fee !!
The winners: Radium Capital earning 22% on loans to Norwood, Alto Capital through capital raising fees, corporate lawyers, spin doctors FTI consulting, company secretary Stuart Usher and Mr Ostergaard with mega salary and superannuation and overseas jaunts.
The losers: most shareholders and the honest taxpayer giving this mob R&D rebates.
Going back through the years, many (including yours truly) have...
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