I haven't posted for a while, since along with everyone else I've been simply watching and waiting, still holding my fairly enormous block of shares. But I do want to thank the three great neomites who attended the conference in New Orleans and came back with such an informative post.
Other contacts of mine also attended the conference, and i made sure they stopped by the neom booth to check it out. One of these contacts actually works for a major cell phone maker (think Finland) and i was especially interested in his opinion. In his words, it's all going to boil down to the virgin suit and whether or not neom actually controls the patents that we believe they own. This is nothing new to any of us, of course, but it is really the simple truth at the moment, at least IMO. After reading the last 10q, the thing that stood out, of course, was the dilution. No matter what the Neom bigwigs say, the dilution is the primary issue in terms of the pps, and the future of our investment. We all saw the value of our investment drop by nearly 25% in the last 10q, without a change in the pps; what I mean by that is, with an extra 100 million shares, each of our positions diluted by a quarter; the fact that the pps didn't drop, as it should have (by about that same 25%) is indicative of the holding pattern we're in, waiting on the virgin case. Our market cap has now risen to 110 million or so; i've been saying all along that i believe this company should be valued at around 150 million based on my own opinions of the value of what it's got to offer; and now we're almost at the price without the pps going up, because we're simply diluting our way to a higher market cap.
I believe that this summer, we will see some impressive events in terms of the word registry, and we'll also hopefully get some great news re-virgin. We need this to happen before the dilution carries us so far that even with the great news, we'll get a very small rise in pps since the market cap will have ballooned already to sustain operations at this level.
Anyway, i am very hopeful at the moment, and that is why i haven't sold my shares. I believe there are some very good hints that the word registry is progressing, and there are also hints that the virgin suit will be settled in a positive way for neom.
Still long and strong.
Best, Joe
