They spent just over A$6M buying the USA royalty in 2014/15 of which they've had to write off A$3M of its value. That would have paid for 5+ years of directors fees itself. Instead the company is now in debt & paying interest on that debt as well.
Go back to 2010, the share price was 8 cents & the company was valued at A$37M with something like A$6M in the bank. If you go back to 2009 the share price was in the 13 to 14 cent range.
So none of that is destruction of shareholder wealth then?
It's the same directors that have been in charge all of that time, getting paid annual salary's some of us can only dream about for the last 6 years and at the same time destroyed 95% of shareholder value.
I note you don't hold any of the stock yourself !!!!
LOTM
PGS Price at posting:
0.4¢ Sentiment: None Disclosure: Held
