I think you did well to get out, as did I. I?m sure not happy to have halved my money, but relieved to get half of it back! Thank God for the ASX providing a liquid escape door, I say.
SIP is doomed IMO. For starters, they have hundreds of millions of dollars in these schemes with fancy names (dressed-up to look like incentive schemes), that in reality are just invoice factoring schemes (DEBT). And who in their right mind, gives their customers 175 + days credit (6 MONTHS!)? Only someone desperate to sell their goods, but yet SIP still has to much inventory, and guess what? It all has an expiry date (used by date). I note that a lot of this factoring stuff has to be sorted out in the next month too! This is just the tip of the ice-burg.
And why is Elmo still at his desk? Because know one else, in their right mind, would touch this shambles with a 40 foot barge pole!
Sorry but anyway I look at it, I don?t see how this company can get clear of this AFG like mess.
Thank God for the ASX.
My mistake for the year, and glad to be OUT.
S
SIP Price at posting:
45.0¢ Sentiment: Sell Disclosure: Not Held
