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Plimsoll

5,352 Posts.

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18/11/17

21:05

Post #: 28922306
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Originally posted by Wildpony ↑

I can give you some insight...I once worked for this type of company, it's still listed on ASX and still keeps poor holders "hanging in there".

This director is around 60 years old bastard who does capital rising about every 2 years, every time he rises about 10mil to "finance drilling", then they drill about 5-6holes who cost max 2mil, so rest of 8mil goes to finance his and his family lifestyle, flash cars, free accomodation, overseas trips.. they call it "admin costs" His doughter, causin and daughters boyfriend works for this company, and couple "best mates".

Rinse and and repeat every 2 years.

There sure is some good directors who are genuinely interested for company to progress but like wise there are these crazy little money vacuuming never progressing companies qho are set up to finance someones lifestyle. To best teller is TRACK RECORD...if someone is 60 years old and been director or chairman only for companies who burn cash and never progress it's super telling imo!! Also watch out for too high "admin costs"...thats the cash they burn to finance their lifestyle.

Hope that helps,
WP

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Doesn't matter that you've only made 50 posts, you've already had a valuable lesson about how some these corporate sociopaths operate To enrich themselves at the expense on unwitting investors. Yes, Tread warily into the snake pit.
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