Some action at last?
Has anybody been watching these lately?
There has been some interesting volumes going through recently which are raising my suspicions that something is finally brewing up. There have been large buy orders in the screen for a long time now which seem to be topped up regularly when the sp hits them.
The substantial share holder announcement by Steven Formica today is of particular interest.
In his notice it states that he purchased the 13 million odd shares at an average price of $0.01 during the period from the 24 Feb to the 5
th May.
Given that that is over a month ago I wonder what the hold up was for the delay in not reporting sooner.
So where did those 13 million shares come from?
Looking back over that time period when he was accumulating I see that there have been almost 32 million shares traded and or changed hands.
That means that a further 18.5 (aproximately) shares have also changed hands and bought up by someone.
So where have they all come from and are we going to get another change of substantial
shareholder’s notice in the near future?
It just so happens that the largest shareholder (Capital & Corporate Advisors) have 18.5 million.
So if they were the ones that sold out why has there not been a notice from them?
If its not them then who else has that many shares?
I guess there are a few places the shares could have come from.
DAF has about 18.5 million shares that they recovered last year from one of the dodgy deals done by the previous directors.
Was that where the extra 18.5 million shares came from?
In the last quarterly announcement they said that there
“A mediation conference has been listed for Wednesday, 26 July 2017”
Maybe some of those previous directors have been selling but did they have 13 million that our new substantial share holder bought?
Getting back to todays substantial shareholder notice.
Who is Steven Formica and what reason would he have to buy a 9% stake in the company?
A little bit of searching about him & he seems like a pretty clever fellow and not someone to throw money away for no good reaon.
“He has been a successful businessman and operations manager for over 30 years in a number of privately held business ventures including manufacturing, construction, landscape contracting, property development and integrated wholesale and retail businesses. More recently he has been a successful investor and Non-Executive Director in mineral resource companies. Mr Formica is currently a Non-Executive Director of ASX listed companies Lindian Resources Ltd (ASX: LIN) and Quest Minerals Ltd (ASX: QNL), and formerly Chairman of Enerji Ltd.”
So, he is no slouch but what is the plan?
Does he want a seat on the board?
Are we going to get some good gold finds in WA?
There must be more news coming soon to justify todays announcement.
Can we start getting excited now.
(20min delay)
