Gosh, IMHO that is just appalling. I recall at the time being somewhat excited by the announcement and in good faith with management assumed this would be a great step forward for the company. But the evidence since appears to indicate they paid way overs for a fairly underwhelming asset paying an eye-watering $124M equivalent. Why else would they have expended zero effort on developing these fantastic assets since? One has to wonder what the motivation was for the acquisition and the massive dilutive event that resulted?? And if it was so good, why didnt management go hard at the loyalty options???? In my experience, its always a massive red light.
I might add that the good faith ended a long time ago, and i was one of the lucky ones to sell out around 50cents.
What is, however, especially damning is that it appears that Dr Sud was the lone hold-out on the deal and not in favour. Yet again, it appears to be underlined that Dr Sud, was the only one with impeccable judgement, the only one who demonstrably achieved something in IHL. Before he was there, they were a basket case. And after he left they are well on the way to that status again!
I'd be angry at Troy Valentine, Peter Widdows and Joel Latham, all on huge wages if i was still holding, especially given i couldn't even liquidate my losses if i wanted to. I can imagine there will be a queue of Australian sellers once their shares are again tradable on the NASDAQ. Wouldn't want to be at the back of that queue, or the 4.1c it left the ASX at, may look like a pipe-dream...
ps
@moguns - its been pointed out on numerous occasions by those before me on HotCopper, that a spirited debate is valuable, even if on this occasion it is an ex-holder contributing. I'm not bitter as i got out at a small profit, but still disappointed at what was looking so promising, turned out so poorly for holders. Just remember, its never too late to sell, and the 4c you get today might look like a good deal if the SP is 0.4 cents in six months. Good luck
