Ann: DUO: Intention to Make Off Market Takeover B, page-14

re: Ann: DUO: Intention to Make Off Market Ta... LORDLUCAS, they effectively become worthless if DUO get at least 90% of AGU and make a compulsory t/o of the remainder. That won't happen. If DUO get control of the board but not 90% then AGU is at the mercy of a company with Scook behind it and therefore you can expect AGU to soon have in excess of 1b shares on issue. This will render the options worthless also as AGU will continue to languish below the AGUOA exercise price, rendering them worthless.

This is what Scook and his crew did to GPN (PDY) YRR and AGU previously. The only reason they don't have the numbers now is they sold out at any sign of share price strength and left genuine holders hanging onto worthless options and major paper losses on the fully paids. Most are still well out of pocket. Now they are coming back for another go, yet when they controlled the companies they never showed any sign of advancing any project.

Here's a short history lesson:

GPN floated out YRR in FEB 2007. GPN owned 40m of the 57.5m shares at listing time. Almost immediately dodgy deals were fed into YRR, the first with YRR's sp at 48c. Soon the sp crashed as a total of around 131m shares were given away for unexplored land that had in most cases been applied for by Whitvista or other Scook companies just a few weeks before being vended in YRR,

AGU floated in AUG 2007 with around 50m shares on issue. Almost half were owned by companies controlled by Scook associates including his son in law. The other 25m were bought in the IPO at 20c to raise $5m prior to listing. In a few months they had vended in worthless land held by Whitvista or other Scook controlled companies for 99m shares. Of course the sp continued to shrink as the shares were consistently offloaded.

Here's an example of the inter-related nature of the deals:


Jarra Resources - 6 tenements 25735, 25736, 25742, 25743, 25744, 25745.

Notice the tenement numbers in Jarra above. There is a gap of 5 tenement numbers in the sequence above, being 25737 to 25741

25737-25741 were vended into AGU by a company called Apogei.

All the above tenements of both Jarra and Apogei were held by Scook's company Whitvista and applied for at the same time, hence the consecutive nature of the tenement numbers. They were then vended into AGU for tens of millions of shares to Scook & Co. The tenements have since been relinquished so there was absolutely no benefit to AGU shareholders who bought in the IPO and were diluted to just 35% of their company in less than a year.

So how did all of this happen? And happen without any due diligence? Was there complicity between Scook and the boards of AGU, YRR and PDY?

During all of this vending activity both Denis McInerney and John Geary were at the helm of all 3 companies and originally the companies operated out of an office next to Scook's in Aberdeen St, Northbridge.

Now we have both AGU and PDY being offered t/o deals very similar in nature to each other, yet supposedly from 2 non-related ASX companies. Both want to replace the current boards with their own people. History is trying to repeat itself here imo.

DUO is already itself being diluted by Scook-backed vends. It's all about numbers of shares not share price. The idea is to increase one's holdings on a percentage basis. That's all that matters atm. Keep vending in worthless land for a larger and larger amount of shares as the sp drops, therefore increasing ownership of the ASX listed companies for little more than lease application fees.

AGU and PDY suffered greatly from this along with sister company YRR and will suffer again if the boards change.