DUD of a Stock follow upI just read the summaries that were provided at the annual meeting.
Bottom line is I bought in at 96 cents on the promise of lots of things to have happened. I took a flyer on this one and did not do any due diligence on management and their abilities to get construction started and get a plant up and running. I have 40 years in big construction projects and not checking these guys out...well I should know better.
In reading the AGM summaries and assuming that the reporting is accurate then the guys in charge are not in charge and are not competent to run the company.
Contractor cant deliver...dah check their qualifications. Changed the listings and suddendly realized cant have foreign buyers...really, who was advising you? Fire them.
Schedules not being met...liquidated damages. Fire your project managers and get real ones!
If the reports are even half true then there are serious, serious problems. Why have the internal auditors not provided a going concern statement?
No use trying to go through each and every point as the only thing that I can think of that would cause me to stay in this is "hope". Everytime I invest on hope I lose.
So for me its just a question of time and how much I am prepared to lose, but lose I will but I will be out of this disaster.