I have just seen the AGM presentation, where the management of Oceana are skiting about how they have increased the market cap of this company from $200m to $1500m. Which I guess it was, before the collapse yesterday.
Anyone unlucky enough to have invested in Oceana back in 2002 when it listed, has lost about three quarters of their money. The increase in market cap has been accomplished by management issuing larger and larger amounts of shares at lower and lower prices. And they are about to do it again.
I do not seem how losing three quarters of investors money is something for the dud directors of this company to be boasting about.
OGC Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
