I have a sneaking suspicion folk's we have not heard the last of this. If we were ever going to find out what our mineral claims and/ or tenements are worth - now will be definitely the time.
And I'm sure our large shareholders who conveniently now own the controlling interest in HDY ....vis-a-vis the sub holder's and including the large holders who are still clearly there in the top 20 from back in the pre-Hardy acquisition , will undoubtedly have something more to say about the direction they want to take these potentially valuable assets. IMO, I would be watching very closely for this to potentially unfold sooner rather than later.
It is also worth mentioning that these rather ' new ' institutional holders who in actual fact have really only replaced the JP Morgan Nominees who held 8.94% in the last EYM ( pre-HDY Annual Report from June 2017 ). So who should we really be pointing the finger at ....and who really are the guilty party . The combination of professional and sophisticated investors from 2017 who ' rinsed ' the top 20 pre- HDY acquisition or the more genuine Institutional holders we now currently have courtesy of Everblu's connections and abilities to place rather large parcels of placement securities. I note that before EYM it was UOG ( United Oregon ) . Nothing really ever changes folks in this regard. Whatever you all think , I would soon prefer a stock who's connections can repeatedly find institutional support and large investors to continue pushing forward with the business plans or renewed plans than having no interest at all. I'm mean seriously folks , we all know Patterson's have been around doing this for what 100 years. Common ASX - get real.
So with our current Institutional top 20 comprising cornerstone Pacific Continental Holdings having 8.72% as a
at 28th September 2018 , It would appear that they too are now stuck with what might appear to be a worthless ' Vendor's ' payment as they're script has been virtually locked up the same as all of ours.
If there is one thing I will credit them the HDY BOD (and the Everblu Connections ) , is that they are nothing if not fair in their pricing of both Vended securities as well as attaching options. In both cases with respect to the Hardey Acquisition as well as the Nelly and Vanadium deals is that the issue price was at fair market to the immediate preceding raising's and the options have always been rank ' Pari Passu ' among all classes of shareholders whether large or small. All with the same strike price as well as expiration date. So on the one hand , this ultimately auger's well for the potential future worth however on the flip side , it is unlikely that should an offer be forth coming for our projects / tenements , it would be even less likely the offer would thrust the options magically into the money anytime soon.
It is interesting that an offer can be hypothetically made for the assets right up until the official day of de-listing. After that of course , HDY can still be taken over or consolidated and in which case we could even be offered shares in a new private and/ or other listed entity. There is nothing I wouldn't believe and / or rule out as a near term possibility at this point in time , as I have always been a Glass Half Full kind of person. Why wouldn't you believe in this possibility when we are now the minority holders and perhaps they got exactly what they wanted - to take it private and re-construct the assets and/ or share capital. Surely we must all agree that a lot has happened and a lot is trying to be digested in......what amounts to only 12 months.
Having said all this, I do believe the ASX has handled the whole affair quite unprofessional - Juvenile if you like with a good smacking of revenge and a clear undertone of a somewhat personal vendetta. I personally will be seeking my own personal legal advice which will take into account many of the valid points raised by
@stevenjd as well.
In the meantime , we smaller shareholders need to form a solid ' Block ' of potential voting rights which may or may not be required going forward in regards any proposed restructuring. Keep in mind this will still have to clear ASIC ' Fair & Reasonable ' tests if so apposed. By all accounts , I would suggest if the sub holders who are in exactly the same position as us flex their muscle - .004 is looking the goods for me at the moment.
You will be able to find me here and there on HC. I don't post on all my investments - and for good reasons , however you will find me popping up on my personal trading favorites. Best of Luck and commiserations to those who have lost more than they can afford and are hurting from all this. I have only lost a small amount , but that is still more than some posters who continued to rub salts and have lost nothing.
