A little shareholder sharing some facts

I’ve been a long time shareholder (from IPO) and I have to say that this 249 notice has been a long time coming. As a shareholder I’ve lost almost 95% of the value of my shares since listing. During the IPO I invested $4,000 and now that’s worth approx. $200 which isn’t even a large enough packet of shares to sell. This is one of if not the worst performing company I’ve ever invested in but more than that it makes me feel sick how the board and executives continue to march on and enjoy the ride like they are large well performing profitable company. I appreciate that I only invested $4,000 and I’m currently at an unrealized loss of approx. $3,800 but this is a lot of money to me. This is a company that has lost 95% of its value since IPO whilst year on year having declining revenues, paying executives top dollars and having its Chairman earn over $150K per year whilst he has the audacity to sell his shares down on market at a gigantic discount to listing price (what does that say about his belief in the company), in addition to the remaining directors earning almost $100k per year with the CEO on over $400K(I think this is the number). I notice in his letter just released he mentions that the people trying to take over the company are opportunistic… If that was the case why has he been selling shares? And as a company it loses money year on year. As shareholders we continue to have value ripped away from us. Whilst I paid $1 per share, the Chairman Mr Pettigrew sold 430,000 shares on the 28th May 2012 for 2.2 cents per share and a further 200,000 shares on the 11th November 2014 for 5.2 cents per share. So 5 months ago he sold a large parcel of shares for 5.5 cents each. 430,000 shares were sold for $9,377 and the remaining 200,000 were sold for $10,500… Does this make sense for a person who has belief in the company? If he did would he be selling shares at such a low price? Wouldn’t this be a great opportunity for him to accumulate shares? I would suggest proof is in the pudding. So the company is doing well so you will dump stock for next to nothing? Doesn't make sense does it?
Year on year as a company we lose money but luckily for the directors and executives they get extremely well paid. Unfortunately for us shareholders there is nothing left at the end of the day and we can just sit back and look at the declining revenues, mounting debt and continued loses, declining share price ensuring those directly associated with the company can live the high life whilst guys like me can sit at home and moan about losing $4,000. Oh and we also get to read the wonderful releases of how well the company is performing and how amazing it is that they sold a company in NZ for $600K that they purchased several years before for approx. $3.5M. And they spin it as a good result. What has the world come to?
To top it off I saw a brilliant article last week which came from the website “shortlist”. Look at the CEO’s quote. This is such a ridiculous and delusional statement which could be construed as comical that you would expect in a Monty Python film.
Levine told Shortlist in a statement that the board will "vigorously" oppose the proposals.
"Normally board spills are linked with poor performance, but clearly this is not the case with Rubicor, given the significant improvement in our results released last week. "Given our performance, this appears to be an opportunistic play by a shareholder with 8% of the company who is driving an agenda to gain control," he said.
Significant improvement in results he says? Where is the improvement? I bet without any shadow of doubt that at the end of the financial year the company will once again lose money for the year, they will have a continued growing debt and will they still be selling this as a success? If the CEO really sees these results as good can you imagine what poor results would look like? I feel this statement insults the intelligence of the shareholders or at least me. This year will be $200m revenue, EBITDA of approx. 1-1.5m and NPAT will once again be negative with a much higher debt than last year. How is this good performance? If the company is right and they currently have 35% of shareholders on board I would strongly expect a large portion of the smaller guys such as myself to vote the other way. The company will once again lose money… Where is the significant improvement???
Mr Levine has been at the company since listing. He’s been an executive that’s part of the team that's seen the company shed 95% of its value. And the company has been going well you say? You say “clearly Rubicor is not an underperforming company?” What type of methodology is used to make this statement? Rubicor loses money year on year with mounting debts! How is this not underperforming? If that’s the case can you imagine how it would look if it was underperforming? Am I just crazy and missing something here?
I think many smaller shareholders had given up on this stock so I don’t expect too many people to read my post but I certainly feel a bit better getting this off my chest.
This year will be $200m revenue, EBITDA of approx. 1-1.5m and NPAT will once again be negative with a much higher debt than last year. How is this good performance? If the company is right and they currently have 35% of shareholders on board I would strongly expect a large portion of the smaller guys such as myself to vote the other way.
As of today I have written a letter to ASX and ASIC in relation to this company calling for greater governance not only of Rubicor but all micro-caps.