ron's reign

Just thought I'd have a small look at the companies record to see just how it has performed under Ron's reign and to guage how shareholders wealth has increased over this period.

Ron was appointed as a temporary Managing Director on the 8th June, 2001.

The earliest Balance Sheet I could find from around that time was 30th June, 2002. Equity was stated in that Balance Sheet as being $10,794,946 on an Issued Capital value of $31,433,566. Reserves of $900k and an Equity to Issued Capital Ratio of .34233. Accumulated Losses of $21,538,610. There were 413,186,795 FPO's at that time.

Move forward to 2009 and compare the same set of values. Equity stated in the company is $392,707 on an Issued Capital value of $36,911,527. Reserves are still around the $900K mark, but now, the Equity to Issued Capital ratio is only .01063. Accumulated Losses are now stated as $37,418,971. There are now 998,686,794 FPO's on Issue.

After 8 years where the companies Equity is not far from being fully eroded, surely Ron's time has come to move on?