Used to be a holder of 88e for a number of years (and underwater...

Used to be a holder of 88e for a number of years (and underwater for much of that time), but luckily got out at a profit with the spike a year ago. This latest news is a major disappointment for all remaining holders and with nearly 16 billion shares on issue, the board need to do some serious thinking about what next after spending the past few years issuing shares like confetti and having another go at the "oil roulette table". It would seem that it is only the directors, officers and insiders who have made any money - at the expense of the enormous multitude of everyday shareholders.

It would not surprise if the board does some sort of capital consolidation after this disaster (say 1 for 10) which would nominally see the post consolidation share price in double digits and then try and do a new cap raise at those levels. I would suspect we would then see the share price drift back into single digits but and a much lower market cap that is probably then befitting where the company currently sits and recognising its very unimpressive performance over nearly a decade now.

GLTA & DYOR.