How much have Joyce and Clifford Lost?
Just done some calculations based on how much Clifford and Joyce have lost in all of their failed endeavours.
Previous posts have focused on profit and loss - which is fair enough especially as the loss for this year is widely expected to be +\- 1 billion dollars. That is one big number and one that is going focus the attention of the media and the broader community on the mess they have made.
But when you go back and look at the share price historically from the appointment date of Clifford and Joyce the situation is much much worse. And I'm talking not just few billion. Try 8.
We all know the general stats that when these fools were appointed the share price was much higher - at one stage hovering around $5.50 And that's the problem - most discussion of the last 5 years tends to dwell on the destruction they have wrought as being counted in single digit dollars in the share price.
It's only when you expand it all out that the true extent of the destruction of share holder value becomes obscenely obvious.
2,196,330,250 shares issued as of today.
Market cap today at $1.28
= $2,811,302,720
Joyce appointed Nov 28 2008
Market cap on that day at $2.23
= $4,897,816,457.5
Which means that Joyce has been responsible for a loss of share holder value that equates to $2,086,513,740. And that's before the 1 billion or so dip in profit is announced. The board must be very happy with him because they have paid him $22,000,000 to achieve that 2 billion dollar loss. Which is the only thing he has achieved during his 5 year (plus 1) plan.
But it gets worse.
Clifford was appointed 14 Nov 2007
Market cap on that day at $5.09
= $11,179,320,972.50 which
equates to a loss of share holder value of:
$8,368,018,25
I'm simply staggered and appalled to see these losses quantified in black and white.
There is much talk that Joyce will out soon. But as you see he is only a wee apprentice to the 8 Billion Dollar Chairman.
Let's hope there are enough long suffering private investors out there prepared to stand up at the AGM and ask the board in general, and the Chairman specifically - hey what about our 8 billion?.