In the late nineties, all the penny-dreadful mining stocks on the ASX wanted to reinvent themselves as dot-coms. Fifteen years later, all the penny-dreadful dot-com stocks on the ASX want to reinvent themselves as miners.
In fact, the stock in the abovelinked Garimpeiro column – Datamotion Asia Pacific – has been through five different incarnations (and about 25 equity capital raisings) on the ASX over the last decade-and-a-bit. It started life as Dry Creek Mining, then became Nexus Minerals sometime before 1998, then “moved aggressively into the e-commerce arena” – as IPT Systems – in 2000 (and collapsed three months later), then became an email software developer in 2002, and then changed its name again to Datamotion in 2009… and now is trying to position itself as a rare earth mining stock all over again.
This is not entirely out of the ordinary for Aussie penny stocks.