Looks as if management credibility is shot.. Has been one bad...

Looks as if management credibility is shot.. Has been one bad decision after another.
Telling everyone a price rise is in the bag and getting it wrong is not a good look (maybe republishing the Tiffany quarterly report on ASX had something to do with it?).
But trying to raise money after paying dividends when you have no cash flow (environmental bond refunds don't count)and changing guidance (1 August guidance was for $21.5m FY14 operating cash flow) without an explanation is even more poor form.
Maybe Gem had this asset right after all.
The warning signs unfortunately were there - big puff piece in the Australian and co secretary leaving..
Unfortunately the only catalyst for this stock will be sacking board and management but looks unlikely as appears they're heavily invested. Market cap is still $40m at these levels - looks like it has a long way to fall IMO...
Pity all the 90c holders from last capital raising.