Sabbath, having said that this type of practice is nothing new. My problem with Wah Nam is the toilet paper offer dressed up as the real thing. What's worse is there are no anti-dilutionary measures in the scheme. They can just keep printing until the ink runs dry.
Came the euro crisis GFC MKII, the $2.4 - $2.5 range (equivalent of $5+ in rosier times) started to look half decent as a sell price as per the 50% fall of AGO (arguably the hottest takeover target in the Pilbara with lots of cash in the bank, being a produder, with 46MTA of port allocations where multiple suitors may fight over - BHP, FMG, Hancock, GlenStrata, Teck and the Chinese).
The other thing is 0 yield. Lots of money tied up in a stock that could become a fizzer but produces no income (plenty of risk of cap raising).
It was a no brainer.
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