Another company on WSE, which continues to trade, has collapsed within 4 months of opening. RLX no longer holds any land, It's CEO has been absent for a long period with the last posting date before the most recent December announcement being the only since October. It has no means of income. Company communications are practically non-existent. Most employees have moved on. If you have investments in this stock; selling now will save your shares from being WTF'd to 1/4 value possibly even less.
I come to this conclusion after talking to former employees, researching the CEO's landmarks to the land holdings for RLX in world and researching the financial details of the company which have not been updated since October. It is possible the company may be reorganized, but I've not seen this occur often on the WSE.
Additionally, another symptom of decay is the state of the maintenance of the company's main web page. It does not appear to have been updated or posted upon since August, which is the very month the company listed.
Interestingly enough, the WTF fund of the WSE actually owns 20% of this corporation. I am relaying this information to WSE administrators and requesting an investigation.
Friday, December 21, 2007
RLX of the WSE is dead.
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4 comments:
Could you please comment on some of the recent IPOs on the ACE and the VSTEX? Although some appear to be interesting possibilities for potential investment, others appear to be the result of a low hurdle being applied to new issues in the interest of growing the exchanges.
I'm thinking of OIG and OMG on the ACE, and CIE on the VSTEX in particular.
In its poorly written prospectus (written in Portugese and then passed through Google Translate, it seems) the company proposes that it invest 30% of its assets in offshore pyramid schemes like Minvestment.com and opentrade.net (opentrade has already gone belly up), and another 20% in similar schemes or "forex trading".
OMG is , in essence, a creation of the executive management of BnT minus Intlibber. Would this company be able to IPO anywhere elese but the ACE? If the answer is no, one has to question whether the company should IPO at all.
The CIE IPO just appears to be a plea of "give me some money, and I'll distribute it better than you can". They are purportedly an investment fund, but also intend to get income "through offering services like investment expertise, tech contracting, and land sales." What business are they in, precisely?
Sorry, the third paragraph above referred to OIG.
Absolutely. In fact, it'll get its own separate article on the topic. I'll be working on the research, the post will come soon.
I feel if there is a issues, then Marc should have went to the CEO's and enlightened them, Although I respect Marc, you are smarted then this, if your issues is with IntLibber then state that, but you should at least find out why some of us are doing business in the manner that has been so wonderfully written on. Some of us have worked and waited a year, to shape and form our visions, and deserve the opportunity to give you history behind their prospectus, and I don’t mean in a blog, person to person. It is funny how nothing is written by Marc about WSE and folks resigning.
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