Farmboy after this rights issue is complete the company will have an extra 200 odd million shares on issue. This means that for people like me whom have averages in the high teens and have been holding this company for along time have to wait even further to see our investment return to the black. At the moment the rights are trading around 2 cents so if I sell mine I would get around 20k, but my pos holdings have been eroded by 50k so far because of this deal and with the possibility of going down further.
I pray that these directors are going to pull a rabbit out of the bag and expedite things along as this story is losing more and more confidence from an already jittery market.
I see your a bit of a Andrew Forrest fan so do you think that he has been a positive influence for this company since he took on the chairmanship in 2007?
I certainly don't and I believe a lot of investors in this company would wholeheartedly agree with me as excuse after excuse have been made by management in regards to why this company is still in this unfavourable position. If Andrew was totally committed and motivated from the start I doubt this company would be requiring such massive dilution to move things forward now.
There is a old saying "strike while the irons hot" not wait until things have passed you by.
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