I got out early on today for next to no loss. Probably along with more of the wholesale recipients who believed their brokers and "did the right thing" but obviously hung on too long.
Looked at the FA of this dredging business a bit deeper on the weekend and the numbers for mine just aren't stacking up. Specifically the dredges don't have anywhere near enough production rate to meet 3M tpa without a floatila of craft.
Although I like to back new ideas I dont like backing poor management and this one's moves, communications and motives just make me feel very uncomfortable. The register seems to be more and more full of loose script and future cap raisings will create more of the same. This one is too long term and too left field for weak hands and markets attention span IMO. Trading with a bit of inside might do alright if you have the contacts and patience between updates.
Genuinely wish best of luck to all holders, if it gets up and running will be headline grabbing stuff alright. Look forward to reading about it in the papers.
cheers
BON Price at posting:
0.0¢ Sentiment: Hold Disclosure: Not Held
