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Ann: Wizard Lake Development Begins with Funding Boost of $1.95m, page-12

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gebrown

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22/03/19

12:48

Post #: 37852126
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Originally posted by invertedva: ↑

Just realised how incestous this whole deal is. Just reinforces my view that this company is still run by a small club of insiders.

Guess who the Chairman of GGE is?
Craig Burton. Former Chairman of TSV (now, WBE).

Under his watch, we saw the demerger of TSV in TSV Australia (essentially the Warra asset at the time) and the creation of a new private company, TSVM, which took over the Canadian assets. These Canadian assets were acquired by Calima, and ex-TSV shareholders did quite well out of them. Only today, Calima just announced excellent flow rates.

But the disappointing thing about this was after the demerger, TSV were still in the middle of testing Warro. In this period, Craig Burton was selling his shares in TSV Australia, which caused the shareprice to plummet. Many shareholders were outraged that someone who had drawn a handy little pay packet TSV for many years was selling 10s of millions of shares in the middle of a critical drilling project. Check the TSV announcement from early 2016 if you don't believe me. Anyway, the rest is history, Warro floundered and TSV became WBE.

Now we have GGE getting shares in WBE, which Burton is Chairman of. Craig Ian Burton owns 23.14% of GGE so will get a nice chunk of WBE shares from this deal.

That's not it. There's more!

Below are a list of the other directors of GGE. Many current WBE and ex-TSV names.

Charles Morgan is the current chairman of WBE. He holds 158 million GGE shares. Which means he will be getting another 78 million WBE shares as part of this deal. Conflict of interest anyone?

Keenihan is ex-MD of TSV, and current director of WBE and director of GGE until recently. He resigned from the GGE board two weeks ago. As a shareholder in GGE he will be getting shares in WBE (around 2 million).

All a little murky you'd have to say... especially when we are asking ourselves whether we are selling our equity at a fair price given the success at Wizard Lake. Were other sources of finance investigated? Or was this just a convenient deal drawn up between a group of old mates?
Also, no mention of any of these potential conflicts of interest in announcements of either company.

Mr Craig Burton – Non-Executive Chairman (appointed 5 March 2019)Mr Charles Morgan – Executive Chairman (resigned 5 March 2019)Mr Mark Freeman - Managing Director & Company SecretaryMr Allan Boss – Executive Director (resigned 5 March 2019)Mr Stephen Keenihan – Non-Executive Director (resigned 5 March 2019)Mr Chris Bath - Non-Executive Director (appointed 5 March 2019)

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my thoughts too, invertedva!!
as soon as I read the gge announcement and saw burton as chairman, I thought "hhmmmmmm"!!!
it will be interesting to see how this all pans out, given the inquisitive nature of our fellow hot copperites!!
fire up boys!!!

WBE Price at posting: 0.4¢ Sentiment: Hold Disclosure: Held
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Ann: Wizard Lake Development Begins with Funding Boost of $1.95m, page-12

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