I'm sure I will get hammered for this, but...
I sold 80% of my original 2009 position yesterday after reading that sorry excuse for a director's circular. Copy and pasted text from PR's, multiple typos, 11% share dilution, no indication of why the dilution is needed, no disclosure of the identity of HKHE, typical vague language, still no information on the Shining Tree spinout 6 months after the PR...
I have loved the potential of the Nemegosenda property from day one, but I was not about to sit and watch the last of my profits go down the drain because management can't get their acts together and put out some decent information about what is going on with the company. I still like the potential, but it doesn't take a genius to see that this type of "disclosure" is going to do nothing but scare people, and it's surely not going to attract new buyers.
I am still holding a small position, and I am keeping the rest of my cash set aside while I wait for some definitive indication that management's approach to promoting the company has taken a 180 degree turn from the way it is now. I am hopeful that that time will come at some point, but it is clear that it is nowhere near the top of their priority list for the near future.
I'm sure people will attack me and call me a basher and question my motives. I don't care to argue or defend myself because everyone can read my posting history and it speaks for itself. Hopefully the PPS will bounce back here when we get to some technical support level because I see no news-related bounce coming anytime soon.
