Ikram I do sympathise with you over your losses to date but cannot understand why you try to rally support to axe your only thread of hope to get some money back remaining. You had a business relationship after all with a company that effectively ran out of cash. The company had a loan called in that they couldn't afford and couldn't recover in the Christmas period. Every shareholder and debtor like yourself got burnt by managements failure to be in a better financial position at all times. In my opinion they expected to be able to raise large amounts of cash at any time and burnt through the proceeds at an exorbitant rate. It was a big company with over 300 employees and several international offices... Costing big money. The company kicked several goals on paper but I believe the asx was never the right vehicle for them with the expenditure they had in mind(or at least pushed into them by whale strategics).
They're undoing though is not unlike a lot of other companies in this space.... It's a speculative investment. We all have to mange our own finances and balance risk/reward. If you weren't paid by Migme for months, consider stop working for them. It's your decision After all.
As officially stated, Goh pulled the company off the boards and into suspension in an effort to save investors from lunching themselves in fear. Also as officially stated, he has spent the last year searching for another vehicle or market to migrate to that will better appreciate the potential(ability to raise capital etc).
If he does succeed we win(albeit with a haircut no doubt) and the show goes on with a different market etc, but if he can't, it's gone. That's the risk we took right?
You can bet your bottom dollar he is trying his butt off to make it work though as he is the largest holder in the asx and personally has his name stamped all over it.
You should be dirty yes at your loss, thankful that he took the time to personally respond to your email.. And praying that he pulls of a deal to hit another vehicle/market.
MIG Price at posting:
4.4¢ Sentiment: None Disclosure: Held
