Why is market cap so low?, page-5

Just for the record it was more than just a disastrous ruby auction, it was statements made by the previous MD such as the shareholders should expect results north of US$100/ct at the auction. While there was ruby fever, such a result was within the realms of possibility given the results achieved by MUS neighbour Gemfields over many years.

What nobody expected, not even the haters, was that MUS would hold a ruby auction when they didn't have any high quality rubies. This certainly caught me out.