Watch out!, page-29

back when I worked for myer, we were bought out by private equity, staff made redundant, lines deleted, company bottom line looked great, then sold for $4.10 a share on the IPO. Managers went spruiking to sell staff shares that were described as an absolute bargain. Due diligence revealed that it was maybe worth $2.00. As sure as the sun rises, a few weeks after the IPO hype it dropped to $2.10. So it seems my retirees discount card is worth more for the paper value its printed on.