McGrathmageddon free falls towards worthless

Great stuff. Even as rate cuts come, MEA is in outright free fall, down 90.5% from float:

At $33m market cap it is now below McGrathmageddon himself’s cash out price.

He should delist urgently. MEA’s market reputation is clearly finished. The proprietor’s name name is associated with that and the public rout now risks destroying the company’s brand as well.

Comments

  1. December 2015 was the time to buy BTC, not MEA IPO.

    clever BTC buyers are up 2,000%, compared to -90% for MEA.

    • Maybe so, but for the profit he made, he’s trashed his reputation. Thought he was a big man on main street, now people will laugh at him. It’ll hurt his ego big time.

  2. Sportsbet needs some new betting options:
    1) When will MEA fall below 20c?
    2) When will MEA fall below 10c?
    3) When will MEA be deregistered from the ASX?

  3. Mining BoganMEMBER

    Wasn’t it Perpetual that was buying gallons of these?

    How they going?

  4. MEA is an interesting valuation problem and one that investors are increasingly confronted with.
    How much is a service business worth when it has no tangible assets and no real reason to expect staff loyalty?
    Does it own and worthwhile Intellectual Property?
    Does it have a unique position in the market (something that can’t be easily replicated)?
    Are staff loyal? if so why, what are they loyal to?

    Trouble is that so many new businesses look like MEA, they don’t own difficult to source machinery, they don’t own market position, they don’t own large plots of dirt (RE assets) …so what do they really own?
    What are you really buying when you buy MEA shares? (or a hundred other companies like them)
    It’s something that troubles me and causes me to miss out on many very good investment opportunities.