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scanno

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22/02/19

14:27

Post #: 37532661
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Originally posted by custardchuk ↑

I'e been watching this circus for three or four years. My son and I in at .06c and we watched it grind it's way to to $.018.
On the way down I watched fluctuations of 10-15% in a week based on drip fed information and rumours.
Good if you knew what was going to be announced.
In the meantime I did as much research as I could on this company.
I couldn't find an office, a lab or employees, (other than the directors).
What I did find was a company that spent about $1.5m a year of government research grants. Of that MM was on about 400-450k per year and as far as I can tell was travelling the world spruiking the benefits of a 15 year old science paper. I'm sure the costs of that travel were also costs to the business. By the time the other directors were paid, I didn't see a lot left for paying scientists and lab costs.
But what did I know? I just dig holes for living so I've read every post in HotCopper and tried to figure out what it was that I was missing.
And over time I saw a pattern, the pattern.
The price would drop on the back of no news and just as things got critical, ie: shareholders calling for MM's head, an announcement would come out that would bump the price enough to stave off a revolt.
The announcements were generally cut and paste type that usually said, something along the lines of, "Further research has not proven bit compounds don't work"and "We are in a Phase 2 trial'.
(My understanding was the Phase 2 trial was 14 Vietnamese in Vietnam, something I imagine does come cheaper than testing in Australia and could likely be done for the balance of the research grant, after the directors had been paid).
Feel free to correct me if I'm wrong about this.
That seemed to work for a while but by late last year, after a failure to provide trial results 6 months after they were supposed be supplied, things were again critical for MM and I thought she was gone.
Share price was 018, BITOa's were 05 and I couldn't see anyway out if it.
But based on the pattern of a forthcoming announcement I bid 017, missed the bottom and missed the the circus by one day.
'Prelim resulted of the Phase two trial did not prove bit compounds didn't work'.
In the end I jumped at .135 and my son jumped at .33 so hard feelings with BIT.

MM gained another year at 400k plus (and continued to travel the world all expense paid), and converted 500k of her options and then flogged them off so that's near enough to 1 million for the year for her.

So everyone's a winner.

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should be compulsive viewing ....

BIT Price at posting: 7.2¢ Sentiment: None Disclosure: Not Held
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(20min delay)
Last 3.3¢		Change 0.000(0.00%)		Mkt cap ! $29.77M

Open	High	Low	Value	Volume
3.4¢	3.4¢	3.1¢	$74.61K	2.300M

Buyers (Bids)

No.	Vol.	Price($)
4	280031	3.2¢

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Price($)	Vol.	No.
3.4¢	96500	1

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No.	Vol.	Price($)
5	373619	0.032
4	227980	0.031
10	735666	0.030
3	315619	0.029
3	153000	0.028

Price($)	Vol.	No.
0.034	96500	1
0.035	308000	2
0.036	65500	1
0.037	537816	2
0.039	430546	2

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should be compulsive viewing ....

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