There is certainly a bit of a news vacuum. We can only wonder as to what's really going on behind the 'locked' door of HQ.
There are 2 big queries for me, and they could be related too.
The underwriting
Advice via the ASX on the number of shares issued as a result of Somers' underwriting of some AUROA is overdue. It had been estimated to be happening on about last Tuesday, but there has been no news at all about it since.
What's happened?
Both Cantona and bmloho have hinted that Sandfire may have been involved as being the committing party to Somers. If so, then why has the share issue not proceeded?
But if the SFR thing was just a baseless rumour, then the burning question is still: 'why has the share issue not proceeded?' What's up Doc?
Anyway, it's now a disturbing matter to me, and I expect to others as well.
There was no explanation about the missing 5 RC holes. 10 were planned and yet only 5 were reported on. So, what happened re the other 5? Not done? or done but not worth reporting on! It would be good to know as it's potentially vital news.
There was nothing said about visuals, nothing at all. That news would have helped too! We are left to guess - again!
There was no news on the location, dip and azimuth of DDH1 - more guesswork!
I would have expected a more-detailed report in normal circumstances.
Both matters connected?
The BoD, in the current circumstances, needs to inform the market on the happening of Wodger drilling; hence the 28/9 ann. However, there is a continuing sensitivity about the (unconsummated?) underwriting obligation. Therefore, was the information about the RC and DDH drilling kept to the bare minimum?
As there should have been a legally binding commitment on the part of Somers as per the Underwriting Agreement, and as that commitment seemingly has not been met but is still on foot maybe, then keep the news as limited as is possible. Is that the reason? If so, then there will be assaying news soon (the 5 RCs) and also DDH news as well; so how does the Board keep a lid on that!
AUR Price at posting:
7.6¢ Sentiment: Buy Disclosure: Held
