Surely I'm not the only one here who acknowledges we are exactly where we could reasonably expect to be. This may be a rant at my disbelief of the disbelief.
The reality is we are talking about a pre-profitablity technology company here, not Woolworths, not Commonwealth Bank, not BHP. Greatcell was always a punt. Things need(ed) to go right for this one to rocket. I find it hard to believe that anyone in the last decade invested with the hope it would go from 25cents to 40cents and be done with it. This was the one you were hoping went from 25cents to $25 dollars. No one would invest in BHP today at $31 with expectation it would go to $3100 dollars within the decade. You invest in BHP for its proven history, the hope of some capital gains and collect the dividends along the way. If one of BHPs mines collapses, or deal doesn't come off, it can manage the fall-out because it is a established business with multiple lines of revenue. Investing in GSL/DYE at anytime in the last decade was investing in a tech company that had minimal sources of revenues, was dependent on grants, had a history of management turbulence and whose financial books noted a loss every quarter. The Turkey deal may have been the best option to RCs knowledge at the time. It may have fully been on the table. Things changed, it didn't work out. I wonder how many major corporations start deals that don't work out? Probably all of them! GSL isn't unique. It just unfortunately happens to be in a perilous position where things going wrong could be terminal.
I stopped putting money into the GSL capital raisings years ago because I had learned my lesson by being burned by the company already, and also thinking I was smarter than everyone and was going to make my lot in similar businesses (that is similar in profitability- ie none, but big aspirations) like Geodynamics, Sylvias Nappy company (can't remember what that was called), Advanced Engine Components which all went bust. That was called life experience. (Advanced Engines went into a share trading halt to finance, which it never came out of, so I have experienced this before. In fact, it's technology/patents got sold off for a pittance to a current major transport corporation...which goes to show the tech can be worthwhile but other things can be lacking in the business)
Losing money sucks and it hurts. Losing money on a pre-profit tech business with a decade of financials you could read up on which show how unprofitable a business it has been, well to be bloody honest, it's expected. The financials for investing in GSL haven't stacked up for years, punting on GSL has only been on the hope that it could do something ground-breaking.
To be clear, I will join in the chorus questioning the sale of the materials business (timing, insider knowledge etc). But I won't join in the cries of disappointment of those who couldn't read a financial report.
