Ann: Market Update, page-18

One really has to wonder about the checks and balances in the ASX.

Here is a company who had a market cap of circa 1 Billion dollars in March 2018 was included in the ASX 300, and here we are June 18, 3 Months later with a market cap of 130 Million.

And the stupid thing is, the only thing that has changed, is that somebody of substance called them out and said, hey, this businesses doesn't smell right and I don't think you have been honest in the math. The Company has gone back and had a good look at its numbers and goes, hey, yeah, now that you mention it, we actually have been overstating our earnings by inflating valuations and investing in dud deals.

So if you actually stop and think, the only thing that has really changed is that the market has realized that they were not actually profitable. To think that large institutions put in $100 mill a few months ago, wow, what a joke.

I'm guessing the share price will drop to just below $1.50 tomorrow - looking down the barrel of a $110 Mil / $120 Million market cap.