Yes a lot of shareholders have lost a lot of money in this share over the years and it would seem that there is a lingering lack of trust over Management and the controlling shareholder, Allied Properties of HK. This was following share issue after share issue and a disastrous Australian Management team that resulted in a huge blow-out of costs and very poor decisions - I wouldn't blame Allied Properties as they just made a bad investment decision to invest in this Management team. That Management team is long gone, costs have been slashed - a normalised admin/corporate spend would now be under a million dollars per annum(once this legal case is gone).
A similar thing has happened to DRA where Allied Properties is the major shareholder - the inefficient, bloated team has been exited and an efficient Management installed.
We have to trust that Allied Properties will do the right thing by minority shareholders and there is now evidence to say they will.
TAM Price at posting:
3.0¢ Sentiment: Buy Disclosure: Held
