"Under the Facility, the Company has appointed Melbourne stockbroker Lodge Partners Pty Ltd to sell the Unmarketable Parcels on the ASX...."
Well, doesn't sound to me that they were sold "on the ASX" as would be commonly understood by the average investor.
Further:
"Subject to the prevailing market conditions, it is intended that the Shares be sold at the price of no less than 3.25 cents per Share, being a 9% discount to the volume weighted average sale price of the Company's Shares on ASX during the five trading days immediately preceding the Record Date"
The bolding is mine in the above extract. So, the statement "prevailing market conditions" ended up being completely irrelevant (other than as protection if they had to sell them for less).
The large order at 0.045 has now disappeared. I don't think it's unreasonable to believe it was the same group who bought up big to gain their 7.2 % stake. An additional 9.4 million shares would have given them an extra 2% or so (roughly).
We don't know the relationship between Abbottsleigh and the newcomers, but a holding of 9.2 % would give them significant clout in the say of the company.
We don't know where the shares ended up other than they were "sold to unrelated professional and sophisticated investors". I think we can assume they'd be pretty happy to have bought shares at 0.0325 that are now worth 0.046.
All observers are perfectly entitled to ask who's interests are being served here? Everyone can make up their own mind.
AGS Price at posting:
4.7¢ Sentiment: None Disclosure: Not Held
