management says shares worth 85cents

I started buying SLR when it hit $3.00. So clearly I've taken a hammering but have held-on in hope things will improve. In hindsight i should have been cognisant of fact that SLR had moved away from the careful, conservative company Les Davis founded about 7 yrs ago. Back then everything was bought 2nd hand for a song, and carefully brought into operation. Place ran on smell of an oily rag. But 'Big is Better' syndrome kicked-in (all of us could name a dozen companies who have gone down same extravagant path) and costs blew out massively.
Clearly the fall in POG has had a big impact but it's far from the only factor. Reality is that right now SLR management deem the shares to be worth 85cents each. They chose the date and price of the new issue. So we are stuck with that. it's now a matter of deciding how well SLR will manage future production and costs/oz. The wage cuts of last month are a +ve. I doubt i'll see $3/share again but perhaps half that is feasable over the next 12 months. Time will tell.