Yes! Please don't put your faith in the fabulous vanadium redox battery. Those of us with long memories recall the sorry saga of Vanteck/Pinnacle/Federation Group back at the turn of the century. The cowboys were already all over the VRB back then and skinned them some fat shareholders big time. Even well known market scribes like Pierpont could barely disguise their disgust at what went on.
The VRB was being spruiked as the next big thing and all but commercialised over 17 years ago and all of a sudden here it is again featuring in the report of another small cap that has changed its name, direction and personnel. Purrrlease.
PS. Once upon a time there was a micro cap called Silverton Silver Mines. Apparently it didn't find any silver because it changed its name to Oil and Minerals Quest NL. Unfortunately it mustn't have found any minerals, because it changed its name again to Bass Strait Oil and Gas Holdings. Alas, neither did it excel in the oil and gas sector, so it changed its name to Federation Resources NL. By extremely bad luck, it failed to discover any resources, but never mind, along came the dotcom boom and lo and behold it became a tech company called Federation Group Ltd. After it failed to make it big with publicdebate.com.au it turned its sights to the vanadium redox battery, resulting in the saga alluded to above.
In late 2003, the same year it was raising hundreds of thousands of dollars privately from shareholders without a proper prospectus, it was suddenly placed into administration, with shareholders losing the lot. Millions of dollars in equity vanished, but no investigation ever ensued. Do they ever?
Notice any parallels to our own favourite little 'uranium' stock?
Absolutely unbelievable what goes on in the Australian penny sector. Unbelievable.
POW Price at posting:
4.0¢ Sentiment: Hold Disclosure: Held
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