Thanks for your thoughtful reply. Id rather not disclose my full name so please keep that to yourself. In reply to your comments->
* I have been in contact with the CEO, and have recently met him. I like him a lot, but I am baffled as to why he doesn't hold any shares and why the company pays him so little.
* Buyback is not an option given the high shareholding of the chairman - it would create an even smaller float, and that would make trading conditions worse.
The crux of the problem is this, during the IPO they gave 80% of the shares to 3-4 holders and this created a huge liquidity problem. They couldn't get Australian institutions on board so they used their Chinese relationships to get the IPO over the line.
Unfortunately this has not changed and I don't see it becoming a better trading situation until it does a deal with an Australian company and the register becomes mixed.
I do believe in the business, and I don't think its a fraud. I actually think at 96 cents(where I was selling yesterday) is infact an amazing opportunity. I just think it may take some time to get there.
I am most likely going to hold my remaining shares (600k ish) for the foreseeable future. I hope the company can change my mind on the long-term future.
Goodluck,
PB
DFM Price at posting:
94.5¢ Sentiment: Hold Disclosure: Held
