SAS

Let’s kick this one off as a warning to other people wanting to buy in. Maybe if we all share our story it will help others avoid the same fate as the already unfortunate holders.

I was reasonably new to investing and, like most people, was drawn into the SAS story. Communication for anyone, anytime, anywhere with use of sophisticated LEO satellites seemed like an amazing investment opportunity.

So after the hype of the Pearls launch had settled, I bought a parcel. Unfortunately, I kept adding to my position. As the months went on the company promises did too with Diamond designs being finished, Manufacturing and FAT testing underway and who could forget that one about first revenues.

My final parcel (To bring it to $50k) was bought when Di Fulton and Michael Malone (the guy who created iinet) signed on as board members. Soon after, they resigned which sent the company into a never ending suspension and subsequent pillaging of existing holders after years of waiting.

I don’t blame either of them for resigning btw, seems to me there was something fishy about SAS they weren’t willing to be affiliated with and, even after the snazzy new logo and agreement with VO I think that “fishiness” is still there.

So that’s my story. Hope it can warn people away from this company. It has been one financially draining and distressing experience, which I can only see be repeated for someone else.

Plenty of other great and ethical companies on the ASX. These guys had their shot.