I can't for the life of me fathom what the Directors of VIP Shop...

I can't for the life of me fathom what the Directors of VIP Shop see in this festering carcass.

To recap the inspiring story of this online juggernaut, it listed in Dec 13 with 115m shares @ $0.32. During the next 12 months it orchestrated a cap raise of $30m at $0.45 to buy Living Social, lost it's founding CEO and generated a loss before tax of $70m.

Since year end its taken an impairment charge of $47m, issued another 60m shares to VIP Shop (total shares on issue are now about 485m) and been turfed out of the S&P ASX All Ords index. At Dec 31 the company had a working capital deficiency of $19.5m.

I mean seriously, can you get a Residents Visa by investing in this?

Remuneration costs for the Executive Leadership team last year were $1m. This includes a part year payment ($149k) to the new CEO at an annualised rate of $US300kpa plus we are carrying a loan of $2m to him at 2% pa not repayable until March 2016 in 4 x 3 mth installments.

For all this you get the inspirational "strategy for growth, as established by the Executive Team and Board, is based on four pillars:

- increase economies of scale by integrating acquired businesses into a single technology platform & regional
- supply chain under a common consumer brand
- drive topline growth by increasing the number of flash sale events and cutting delivery times to customers
- identify acquisition opportunities in Southeast Asia that can increase the Company’s scale and scope."

If you can stay awake, re-read them carefully and then support the board to recruit and pay a Cert 3 Marketing Diploma graduate to line the dots up with their random thought bubbles.