Probably like most of you I bought this stock as part of the IPO, which was oversubscribed (for some reason).
The reputation of this stock obviously rode on the coat tails of Bauxite (BAU), which was going great guns, but they had big underlying problems with a lack of consideration for environmental approvals to actually pull the bauxite out of the ground.
Then Bauxite got rid of the bloke who caused the whole mess with seemingly deceptive conduct and lack of community disclosure regarding BAU's approval procedures through the EPA. Then the whole thing blew up in their face and the SP dropped from $1.30 to 15c.
Now with this company we have to believe that the bloke who created the whole mess at BAU (Tenardi) can turn over a new leaf and do things a whole lot differently at this company.
I too would like to be on their payroll and wish that I had have placed all of the money I have invested in this company on Melbourne Storm to win the NRL last year- would have achieved the same result.
AKA Price at posting:
10.5¢ Sentiment: Hold Disclosure: Held
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