RE: I'm In now26 Apr 2024 16:53
This has been bouncing around for over 20 years. I can’t remember the exact number, but I think they’ve raised almost a billion over that time and the general problem was and still is that they never ever produced anything.
They explored lots of wells, did amazing PowerPoint presentations, most of the directors became millionaires, but us the shareholders got absolutely nothing.
When they couldn’t raise anymore they sold 75 % of the business to keep the gravy train running, which only attracted venture capital who thought they can make a quick bug.
They released most of the cash from the 75% sale but are now running out of cash too.
Rather than taking out a loan they are raising more funds to buy the rest of the company (with the money they previously released).
It’s been one enormous waste of time and money (for us the retail shareholders)