Hi Defab,
I agree with your comments in general - and posted a fair bit about it in this thread along the way
http://hotcopper.com.au/post_single.asp?fid=1&tid=744622&msgid=4094800
http://hotcopper.com.au/post_single.asp?fid=1&tid=780520&msgid=4337991
..and more - I just cant be bothered searching for them.
I wish that its bosses had grown a pair and not raised more capital. But they were so frightened and uncertain - like little rabbits - and remember - they didn't have a boss then - so it was very much the case of a company without leadership.
So, confusion, a need to do something in one area of the business (JV), a market that was in upheaval .. and no leadership. See how the rabbits ran :(
Im convinced that no bankers would have pulled the rug from under them.
Oh well. Hey have lots of equity now, I guess over time they will leverage it again, the idea being that they pick up distressed assets cheaply and over time increase EPS that way.
Incidentally - I have held stock since before cap raising - buying my first lot a $1.40 / share... I then doubled and doubled again, forking out 0.60 and 0.35c respectively, for an avg around 0.63 or so.
That takes the stock at today's price back to about $1.65 on the old scale, before diluting - which is better than when I bought it - and a better business too - as it has a much lessened debt - thereby giving it good prospects for future growth.
I believe the dilutions, whilst EPS -ve has ended up being enterprise value positive - the market cap of the company is greater today and it is arguably a less debt laden entity for the journey.
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Hi Defab,I agree with your comments in general - and posted a...
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Buyers (Bids)
No. | Vol. | Price($) |
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8 | 342542 | $3.99 |
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Price($) | Vol. | No. |
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No. | Vol. | Price($) |
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3 | 6983 | 3.980 |
2 | 8398 | 3.970 |
2 | 12987 | 3.960 |
2 | 6898 | 3.950 |
Price($) | Vol. | No. |
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4.010 | 6398 | 1 |
4.020 | 6398 | 1 |
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