Sold off all my GMG stock. It feels like another BNB or BBP type of company. Directors caring only for their own necks. Selling options to a communist government/CIC instead of helping local shareholders does not give me any faith in this company.
I thought maybe it would be ok, but the bottom line is the director does not care about shareholders. With debt and management taking this path, I think its much safer to go with someone that I have always liked, CFU.
Good luck to all. No one wants to see companies go under, but with the banks chasing at one end and directors doing stupid things like selling options instead of supporting current share holders at the other end, I can see that this will keep on happening.
If you look at BBP, its similar, just keeping it's head above water, the banking syndicate screwing ever more amounts off a dying cow.
As for a China take over with CIC, well living for 4 years in China I can tell you now that any larger company such as CIC is always indirectly controlled by the CCP, and that I do not see them wanting to take this over. The are more interested in good assets such as the recent Oz minerals deal. To me it just looks like a good short term profit take for CIC.
GMG Price at posting:
37.7¢ Sentiment: Sell Disclosure: Held
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