My story is a bit different prob from what you are guessing....
I'm not a big risk taker, I'm the kind of investor that will tend to take many stabs at different plays and if some start moving or I like what I see and their story still stacks up after some time then I will research more, if I research more and I get better evidence I will back what I have a bit more.
Hmm I was about an '8' when I first heard about PAR..I reckon overall I'm about a '7' now. I'll still take a risk...but with less $ on the line compared to a few years ago.
So what's (briefly) my story?
I got in at IPO level with double the normal I would typically place...(the normal wasn't a lot by anyone's scale...)..Why did I allocate double? To this day I cannot answer that, I don't know. I just did...out of the 15 or so investments I made in that year, I started with double the amount on PAR...I didnt know it's full story at that IPO stage, I did know it was a Bio Pharma and that they had two main prongs...OA and Hay Fever.
Hay Fever, the first cab off the rank, eventually did not pass their primary endpoint in their P2...the shares got cut in half, I sold exactly half my stake...and I basically forgot about it for a number of months....if I had sold all of my holding at the time, you and I wouldn't be having this conversation, I would never have looked back to buy in again...and most likely I wouldn't be posting at HC...
Then one fine day I hear about some AFL footballer (think it was either Andrew Walker or Greg Diesel, probably Walker I think)..I didn't even read the story, I just heard it in the background on TV..kinda like:
"Andrew, couldn't walk...had a hard time training.......... pain....osteoarthritis...Paradigm Biopharmaceuticals".
That's all I heard...my ears picked up and thought to myself... "wait a sec...don't I own me some of that"?
From there I did a quick google search and came across an analyst report....who? Which one...?
I read their first ever report on PAR and I was in.....from their I increased my position.....as I read more...I added....as I talked to people, I increased....as I heard the stories, I talked to Scotty....I started talking to actual patients and hearing their stories...I attended the AGM..I spoke to Ravi and Paul...I picked up SO much info at the AGM...a lot of it were not through words (HUH?) I mean body language...genuine on he spot answers...things you cant make up...and I started, for the first time ever, reading scientific publications about the biology...I struggled at the start but I persisted...I had dictionaries open...I attacked....
Not saying the road was smooth....
More this:
There were scares on the journey and even a couple of times I nearly woke up in the middle of the night...but I resolved all my doubts...
Now don't get me wrong....I'm still not in a position where if the unthinkable happened I'll be be on the road or knocking on YOUR door for a couch to sleep on...never ever get yourself into that position. But, I have a good position I'm happy with and a core that I will never sell...I say it and I mean that. That's the dividend generator...one day...
I've met so many interesting and great friends along the way, I'm in constant touch and yes our common bond is PAR...but it goes beyond that. They and you, provide sounding boards and a great forum to discuss... strength in unity.
So to finally answer your question, nope I'm not a super Pre Mezz guy (I wish I was, I know a couple that are...more power to them for taking that leap of faith)...I have a good position but it was only a small fraction that was bought at IPO..the rest I have accumulated over time...dips mainly...but there are parcels I 'smartly' (sarcastic) picked up post $4 too..
Not regretting it...if my and others analysis is correct...one day $4 will be very very low and I for one will prob wished I would've bought some at $4 looking back! (not advice)
Approx ave around the $1.60 mark ...not really all that far away from where we are now. I'm not in this for a double, I don't think Paul is either...
(20min delay)