PGO & Hanking: The Facts, page-11

Hit the nail on the head, mate. I posted yesterday that I thought any potential legal action was worthless, but since had it retracted. Like you, I am one of the more fortunate holders in that my average is lower than the Hanking's offer, but the handling and pricing of this offer in context to recent events – some of which you've touched on – raises some serious questions.

Some key Dates and Releases below:

Jan 23, 2017: Garry Mills Appointed (Share Price at time $0.08)

Feb 2, 2017: Primary raises $8.5mil in oversubscribed placement at $0.07

April 27, 2017: Sophisticated Investor Analysts update their valuation for Primary to $0.35 (take these with a grain of salt, but there is a gob-smackin’ difference between this valuation and that of the current offer from Habking – we await Independent Expert’s valuation in Target’s Statement)

Top 20 Sharehoders (from Annual Report issued Oct 2017)


October 31, 2017: Major Resource Upgrade at Mt Bundy announced (1.8m Oz)

Recent share transactions by Directors:

Mark Yumin Qiu, non-Executive Director (also Managing Director of Hanking Australia)
Notice Received: Jan 18, 2018
Ordinary paid shares: 2,983,247 (Value: $126,205)
Options Converted: 333,332 (Value: $10,333)

Garry Mills, Managing Director
Notice Received: Dec 6, 2017
Picked up 1.2m at an average of $0.04 (Value: $47,814.30)

February 23, 2018: Hanking issue cash offer of $0.0575 per share

Garry has stated on multiple occasions he thought the share price has been ridiculously "cheap", but that he doesn't control it. At the time of the conversation from which I quote this the share price was $0.048. In the same conversation he said that he'd had peers value the company as high at $0.60.

I have both emailed and phoned Garry asking for some clarification on the valuation of the offer and his subsequent recommendation and willingness to accept.

Alby